Iridium sold (again)

Satellite company Iridium Holdings has been bought by Greenhill & Co's GHL Acquisition Corp to create a business called Iridium Communications Inc. Iridium currently has over 305,000 subscribers using satellite telephone services worldwide. [Press release]

Motorola settles Iridium bankrupcy

A judge in the USA has said the bankruptcy case involving satellite phone network Iridium won't cost Motorola anything. The mobile satellite company collapsed in 1999 with Iridium's creditors claiming that Motorola, which had backed the company, was to blame for Iridium going bankrupt. They were after around $4 billion in damages plus interest. Iridium still offers satellite phone services, with the current company run by a group of private investors who bought Iridium’s assets in 2000. [Sources: Press release; Reuters]