ICO To Emerge From Bankruptcy

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ICO To Emerge From Bankruptcy

More Information:

ICO Satellite Image

ICO Global Communications should officially emerge from bankruptcy this May 15 with US$1.2 billion to finish its satellite constellation and ground network. Voting on the company’s reorganization plan occurred April 26, and indications are that the plan has been approved. Assuming the U.S. Bankruptcy Court in Wilmington, Del., confirms the vote, the company should emerge May 15 from nine months in Chapter 11.

Investors include Eagle River Investments, Teledesic, Deutsche Telekom, Qatar Telecom, Credit Suisse First Boston, Turk Telekom, and a Saudi Investment Group named TSFL. ICO plans to launch its service at the end of 2002 but has not set a launch schedule.

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May 8, 2000