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Nasdaq de-lists Iridium

Satellite comms company's recovery still a long way off, then

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Iridium has had its stock removed from the Nasdaq stock exchange list. The move comes almost three months to the day after the company entered into Chapter 11 bankruptcy protection -- an action that, in turn, saw trading of Iridium stock (under the IRIQE tag) suspended. Iridium was notified of the de-listing back in October. The troubled satellite mobile phone company decided not to appeal against Nasdaq's decision since its ongoing Chapter 11 status means it will "not be able to meet the requirements for continued listing of the company's stock". That's no great surprise, but it does suggest that a solution to Iridium's problems -- the restructure the company's management wants to put in place and which it's now desperately trying to persuade Iridium's investment bank backers to allow it to put in motion -- is just as far off as it was at the time of the August bankruptcy declaration. Should that restructure go ahead, Iridium could well return to Nasdaq's list, with public trading taking place once it has come out of Chapter 11. ® Related Stories ICO wins court approval for McCaw's $150m cash injection Teledesic raises more cash -- but global broadband is still dream Iridium rival ICO plans Teledesic makeover Iridium asks shareholders to cut stakes by 40 per cent Iridium to enter Chapter 11

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