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Story URL: http://networks.silicon.com/telecoms/0,39024659,11013748,00.htm

McCaw bails out ICO

By Tony Hallett

Published: Tuesday 02 November 1999

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.