NEW YORK-Iridium L.L.C. said it received funding commitments for $20 million from current investors, led by Motorola Inc., allowing it to continue operations while conducting a financial restructuring under Chapter 11 bankruptcy protection.
Motorola is looking for others to participate in the funding commitment. John Richardson, Iridium chief executive officer, said the company remains in discussions with several potential new investors, with no offers yet forthcoming. He said given the more than $4 billion of debt, he believes any reorganization process likely will result in current stockholders losing their equity in the company.
Randall Brouckman was promoted to chief operating officer, formerly senior vice president of engineering systems and operations.
