ICO Global Communications followed mobile satellite communications company Iridium into Chapter 11 bankruptcy protection on 27 August.
ICO has raised $3.1 billion for its 12-satellite venture, but needs another $1.6 billion to launch services in the fourth quarter of next year. Following the failure of its recent rights issue and attempts to raise an immediate $600 million, the company and its major investors have been considering a modified financing package.
ICO has deferred payments to some creditors until the satellite system is operational and accruing revenue.
Source: Flight International