iridium motorola

IridiumIridium LLCIridium LLC Announces End of ServiceWashington, March 17, 2000 -- Iridium LLC announced today that it wouldterminate the provision of commercial service as of 11:59 p.m. EST onFriday, March 17, 2000. The U.S. Bankruptcy Court for the Southern Districtof New York approved use by the Company of its secured lenders' cashcollateral to commence the wind down of its operations and the sale of itsassets.Motorola has advised Iridium that it intends to maintain the Iridium satellitesystem for a limited period of time to allow subscribers in remote locationsto obtain alternative communications."I am deeply saddened by this outcome," said Iridium COO Randy Brouckman."I particularly regret the impact this will have on our customers. Iridiumachieved significant milestones, and I want to thank the more than 160countries that licensed the service and the distribution partners around theworld who helped market Iridium. Finally, I have had the honor and privilegeto work with a world class team both here at Iridium LLC and at our Gatewaypartners around the world and I want thank them for all their hard work."Iridium LLC filed for Chapter 11 bankruptcy protection on August 13, 1999.Iridium LLC became the world's first global satellite phone and pagingcompany on November 1, 1998. Its network of 66-low earth orbitingsatellites combined with existing terrestrial cellular systems enablescustomers to communicate around the globe. Iridium World Communications,Ltd. (IRIDQ) is the public investment vehicle of Iridium LLC.Iridium is a registered trademark and service mark of Iridium IP LLC.MOTOROLA COMMENTS ON IRIDIUM LLC MOTIONSCHAUMBURG, Ill., March 17, 2000 -- Iridium LLC today notified the U.S.Bankruptcy Court that Iridium LLC had not been able to attract a qualifiedbuyer by the deadline set by the court. Iridium LLC announced that it willterminate its provision of commercial service after 11:59 p.m. tonight, andthat it will begin the process of liquidating its assets.Motorola, Inc. (NYSE:MOT) today issued the following statement:Motorola will maintain the Iridium satellite system for a limited period oftime, while the deorbiting plan is being finalized. During this period, wealso will continue to work with subscribers in remote locations to obtainalternative communications. However, the continuation of limited Iridiumservice during this time will depend on whether the individual gatewaycompanies, which are separate operating companies, remain open.Motorola is extremely disappointed that Iridium LLC has not succeeded inits effort to emerge from voluntary bankruptcy. Motorola and other Iridiuminvestors have worked very hard to support Iridium LLC's efforts toreorganize and continue operating the business. Unfortunately, that has nothappened.Iridium is an example of a proven, pioneering technology. Many of our finestpeople worked together worldwide to implement a global communicationssystem that was, from a technology standpoint, an extraordinary achievement.Going forward, Motorola will continue to look for new opportunities that willprovide a path to the future. But, as in the case of Iridium, Motorola willcontinue to absorb the risk through a conservative management of its balancesheet. In order to support those customers who purchased Iridium service andequipment directly from Motorola, customer support call centers and awebsite that are available 24hours a day, seven days a week have been established by Motorola. Included inthe information for customers is a list of alternative satellite communicationsservices.Motorola, Inc. (NYSE:MOT) is a global leader in providing integratedcommunications solutions and embedded electronic solutions. Sales in 1999were $30.9 billion.European Science FoundationStrasbourg, FranceThursday 03 June 1999