LINCOLNSHIRE, Ill.-Struggling wireless data carrier Motient Corp. announced a closed sale of common stock to several institutional investors, a move the company said would generate a total of $23.2 million. The company said $6.7 million of the funds would go to repaying the outstanding principal and accrued interest on its existing $12.5 million term credit facility, while the rest would go to general corporate purposes.
The move follows several drastic actions at Motient, as it recently replaced its chief executive officer with a consulting firm that will look into ways to reduce the carrier’s costs.
