Feeds

Iridium wins $20m investment

To tide it over to Craig McCaw saves it, presumably...

  • alert
  • submit to reddit

Protecting users from Firesheep and other Sidejacking attacks with SSL

Troubled satellite telecomms company Iridium found itself the recipient of a cheque for $20 million on Friday courtesy of Motorola and a bunch of the company's other investors. Of course, that's a tiny drop compared to Iridium's ocean of debt - $4bn and counting - so it's clearly funding intended to keep the company going while its management seeks support from investors for a financial restructure.

Keeping Iridium alive is a priority for Motorola. Quite apart from its commitment to backing up the telecomms company's debt, Motorola provides cellphones for the satellite service, it has second-generation Iridium phones in the works which will hopefully be somewhat cheaper and lighter than existing models.

Due at the end of the year, they could help persuade more customers to buy into the Iridium service -- though the company's financial health acts a pretty significant counter to that. Iridium's bosses have been trying to persuade the company's institutional investors to support its restructure plans for the last six months or so - with little sign of success.

Even Motorola's threat to pull out if investors didn't come together to support the ailing satellite venture doesn't seem to have helped matters.

Meanwhile, telecoms entrepreneur Craig McCaw, who has successfully worked his way onto the board of Iridium's chief rival, ICO Global Communications, through a major investment in that company, is in talks with Iridium to do the same, possibly with a view to pulling it and ICO into his other venture, satellite-based broadband networking operation Teledesic. ®

Related stories

Nasdaq de-lists Iridium
Iridium to enter Chapter 11
Court approves latest stage of McCaw's ICO 'rescue'
Teledesic's McCaw to bail out ICO
Iridium rival ICO plans Teledesic makeover

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.