By Tony Hallett
Published: 2 November 1999 17:00 GMT
Cellular phone pioneer Craig McCaw has come to the rescue of troubled satellite telephony firm, ICO Global Communications.
Billionaire McCaw and two companies he chairs - Teledesic and Eagle River - will help contribute to a total investment of $1.2bn.
In August, ICO filed for Chapter 11 bankruptcy protection in the US. Rival Iridium - which has a live service - still faces ruin, while Globalstar launched successfully last month.
Richard Greco, CEO of ICO, said the financing should lead the company out of Chapter 11.
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