By Tony Hallett
Published: 2 August 1999 16:43 GMT
ICO Global Communications, the third largest mobile satellite services (MSS) provider, has said its rights offering to raise at least $500m by a 27 July deadline has failed.
The London-based company will now seek $600m in financing from strategic investors by 2 September, a move which will have to be approved at its 28 August AGM.
Setbacks affecting fellow MSS players Iridium and Globalstar have made investors look closely at ICO's business proposition.
The company has responded by accepting new investment will be subject to a due diligence review of its business and operations, and maintaining it will raise $1.6bn in total by the launch of its satellite system at the end of next year.
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