NEW YORK-ICO-Teledesic Global Ltd. and New ICO Global Communications Holdings Ltd. have withdrawn plans for the public sale of securities related to their planned merger.
New ICO also has applied for a waiver of the bankruptcy court requirement that it sell its Class A Common Stock shares to the public by March 31. Last May, ICO Global Communications emerged from Chapter 11 bankruptcy reorganization when New ICO acquired its assets and gave shareholders of the old company stock in the new company, which has yet to go public.
ICO Global became New ICO after ICO and Teledesic merged to created the ICO-Teledesic holding company for the satellite interests of Craig McCaw and Eagle River Investments, the investment company he runs. The merger with Teledesic rescued ICO Global from Chapter 11.
In making public its decision to withdraw its stock sale plan, which it had filed with the Securities and Exchange Commission, ICO-Teledesic Global cited “current market conditions and evolving business plans.”
