Iridium satellite system purchased by new firm
STATEMENT FROM IRIDIUM SATELLITE LLC
Posted: November 15, 2000
Iridium Satellite LLC today (November 15) released the following statement:
The U.S. Bankruptcy Court for the Southern District of New York today approved the bid of Iridium Satellite LLC to purchase the operating assets of Iridium LLC and its subsidiaries.
Under the agreement, Iridium Satellite LLC will purchase all of the existing assets of Iridium LLC, including the satellite constellation, the terrestrial network, Iridium real property and intellectual property owned by Iridium LLC.
Iridium Satellite LLC will continue to provide commercial satellite communications to the U.S. government and plans to re-launch affordable satellite communications services to those industry segments that have a particular need for satellite communications (government, military, humanitarian, heavy industry, maritime, aviation, adventure) within 60 days.
The Chairman of Iridium Satellite is Dan Colussy, a veteran of the aviation industry. Colussy's previous senior leadership positions include Chairman, President and CEO of UNC; Chairman, President and CEO of Canadian Pacific Airlines and President and COO of Pan American World Airways.
Iridium Satellite LLC has contracted with the Boeing Company to operate and maintain the satellite constellation.
Motorola has agreed to continue to provide subscriber equipment on commercially acceptable terms.