Iridium to tackle debt mountain

Iridium to tackle debt mountain
Tom Foremski satellite phone company Iridium has hired financial advisers to tackle a mountain of debt as it struggles to attract customers. The move triggered another steep slide in Iridium’s share price which dropped 28 per cent. Iridium launched its satellite phone service late last year but has been unable to meet financial obligations on recruiting customers and is seeking to restructure more than $800m of debt. Motorola, which owns 20 per cent of Iridium and founded the venture, has not said if it will step in and bail out the company.


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