SCHAUMBURG, Ill.-Motorola Inc. has settled all lawsuits filed by Chase Manhattan Bank relating to Iridium L.L.C., the satellite communications company Motorola created in 1998.
Motorola will pay Chase Manhattan and Iridium’s secured lenders $12 million to resolve five remaining legal disputes. The settlement does no include a lawsuit filed in 2001 by the official committee of unsecured creditors that seeks damages of more than $4 billion for Motorola nor does it affect Motorola’s pending challenge to a settlement agreement between the secured lenders and unsecured creditors.
Iridium went bankrupt in 1999 and its assets were purchased and renamed Iridium Satellite L.L.C. in late 2000.
