Feeds

Iridium CFO bails out

Management turns to turnaround agency for help

  • alert
  • submit to reddit

Intelligent flash storage arrays

Iridium CFO Leo Mondale has quit the company barely five months after taking on that role and given tacit acknowledgement to the very real difficulties the company has had sorting out its survival. "I accepted the CFO position to support Iridium's efforts to bring about an out-of-court restructuring," said Mondale. "Since this is no longer possible, it is appropriate for me to step down and let the new management team, with reorganisation experience, take over." The "out-of-court restructuring" refers to the cellphone-by-satellite company's attempts to persuade both banks and backers to give it room to reorganise its way out of trouble. The approach clearly failed, in as much as Iridium is now only safe from its creditors through Chapter 11 bankruptcy protection, taken out on 13 August. That said, Mondale's exit does show that Iridium's restructuring arguments may be winning the day. Mondale's successor is one David Gibson, a managing director at Alverez & Marshal, a New York-based operation the specialises in sorting out problem companies. Gibson's fellow MD, Joseph Bondi, was named Chief Restructuring Officer, by Iridium. Still, the fact Iridium needs outside help for its restructure suggests the current management team, led by CEO John Richardson (previously just interim CEO), is running out of ideas about how to turn the company round. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
4chan outraged by Emma Watson nudie photo leak SCAM
In the immortal words of Shaggy, it wasn't me us ... amirite?
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.