Thought Iridium Satellite LLC was dead after its 1999 bankruptcy? Guess again. The one-time Motorola Inc. attempt to launch a massive global, satellite-based phone service remains in business, following a
$25 million purchase in 2000. Now Iridium is reportedly planning an IPO in 2009, according to Barron's
Tech Trader Daily blog.
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Tech Trader Daily's Eric Savitz interviewed Iridium CEO Matt Desch, and discussed the company's future -- as opposed to its ignominious past. The company, which in fact does offer a worldwide communications service via 66 satellites, is now profitable, and it is looking to refinance its $160 million debt load. Consequently, it's considering selling a 20% stake in the company to private equity firms ahead of a planned 2009 IPO, the proceeds of which would likely be used to fund the launch of another 75 satellites to replace its current fleet, which is expected to cease operation in 2014. - Matthew Wurtzel
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See story about bankruptcy from TheDeal.com
