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Iridium gets 60 day reprieve

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Hard pressed satellite phone company Iridium has been given a 60 day waiver on its $800 million debt. That comes about because by now Iridium was supposed to have had revenues amounting to at least $4 million, and at least 27,000 total Iridium World Satellite service customers by now. As far as we know, Iridium has not yet sold one satellite phone in Europe. Not even in Kosovo. Unfortunately, most European and US journalists who could have made use of the service were expelled from the region. Iridium admits there are problems with the service. Its worldwide partner is Kyocera, which has not yet started shipping the phones in Europe. However, at a press conference at CeBIT last week, Iridium successfully demonstrated the phone did work. ®

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