By Tony Hallett, 6 March 2000 12:24
NEWS Beleaguered satellite telephony company, Iridium, has confirmed that Craig McCaw's Eagle River Investments is not about to rescue it from bankruptcy by providing emergency funding. However, Iridium - which has been under Chapter 11 protection since August last year - said in a statement that it has "received expression of interest from other potential buyers". The parties were not named. The Iridium network was designed with voice calls in mind. Eagle River will now concentrate on satellite services that can deliver data as well as voice, such as ICO and the Internet-in-the-sky venture Teledesic, which McCaw and Bill Gates have both backed.
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