Can Iridium Beat The Clock?

Lenders grant an extension, but they want fast action

Last November, Iridium made lots of promises to investors and lenders as it prepared for the long-awaited launch of its $5 billion global satellite phone service. The Motorola-backed outfit proposed to offer phone service to virtually anywhere on Earth by means of a network of 66 satellites. By the end of March, the execs pledged, they would have 52,000 subscribers from among the world's business elite, $30 million in revenues, and hope of making Iridium pay.

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