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In a filing with
the Securities and Exchange Commission Teledesic and New ICO
reported losses approaching US$1 billion. New ICO, formerly ICO
Global Telecommuincations has lost US$592.6 million since it’s
founding in 1995. Teledesic, founded in 1990, has lost US$392.7
million. The two companies are on track for a planned merger,
expected to close in November.
 New
ICO still needs to raise another US$2.8 billion to launch its system
of 12 satellites (made up of 10 working satellites and two in-orbit
spares) and 12 ground stations. The constellation is scheduled to
begin orbiting for testing by 2002, with service planned to begin in
2003.
 Teledesic
has indicated it will name a new prime contractor for the project in
2001. The newly designed constellation, which could change (drop)
the number of satellites significantly, will likely interact closely
with the ICO constellation. The Teledesic system is expected to
begin testing in 2004, with service starting in 2005.
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