Iridium cries uncle in last chapter of satellite debacle

 

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The satellite-based mobile phone company, which filed for bankruptcy protection and has been unable to attract last-minute bidders, will start letting its satellites go down in flames at midnight. "It's toast." - Marc Crossman, J.P. Morgan analyst

Iridium asks court to let satellites burn The company tells a bankruptcy court it can't find a qualified buyer for its satellite-based mobile phone service and wants to shut down by midnight. Previous coverage Last-minute bidders may save Iridium Several bidders submit offers for Iridium in a last-ditch effort by the satellite-based mobile phone company to save itself. Iridium satellites may go down in flames The company is on the verge of a spectacular business flameout--literally set to burn up billions of dollars' worth of Earth-orbiting assets. Iridium customers told service may end Motorola notifies customers of the satellite telephone system it bankrolled that service would end March 17 unless a buyer comes forward. McCaw won't invest in satellite phone firm update The cellular phone industry magnate and billionaire will not invest in Iridium, possibly dashing the company's hopes of a rescue. McCaw offers to invest $75 million in struggling Iridium The beleaguered company could receive nearly $75 million in interim funding from a group of investors led by cellular pioneer Craig McCaw.