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Iridium invokes 30-day debt delay

Holds creditors at bay in battle to survive

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Iridium yesterday called in its right to a 30-day grace period on the $90 million of interest charges it owes on a senior notes debt of $1.45 billion. Company interim CEO John Richardson said Iridium had invoked its right to the payment delay in order to facilitate ongoing negotiations with the company's creditors and investors about its proposed restructure. The grace period "gives us time to concentrate on reaching a suitable arrangement for the ongoing commercial operation of this company", he said. If all parties can't agree on a restructuring package, Iridium will effectively be dead. And getting an agreement may be proving difficult -- earlier this week, Motorola, guarantor of Iridium's debt and 18 per cent shareholder in the company, demanded other investors put their money where the mouths are and help Iridium out or risk losing their investments when the company crashes. ®

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