IRIDIUM GETS NEW BACKERS

Iridium has emerged from Chapter 11 bankruptcy and is now recovering.

In August 2000, Motorola announced that the Iridium satellites would have to be deorbited; however, they remained in orbit and operational.

In December 2000, the US government stepped in to save Iridium by providing $72 million in exchange for a two-year contract and approving the fire-sale of the company from US bankruptcy court for $25 million. In March 2001. the court erased over $4 billion in debt,

A deal with SpaceX to launch a large number of satellites appears to be funded and the company is now on track. Falcon 9 rockets are available for the launch of 75 new satellites. The campaign also consisted of upgrades to Iridium ground infrastructure

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