Its chief executive and chief financial officer resign, yet In addition to posting huge quarterly losses, Iridium has seen The company said it had 10,294 subscribers at the end Secured credit facility, giving it until May 31 to reach certain revenueĪnd subscriber goals. Iridium was later granted a two-month waiver under its $800 million senior Subscriber and revenue targets set by creditors as conditions of its loans. Iridium, which offers mobile phone service anywhere on Earth via a $5īillion, 66-satellite network, said in March that it would not meet The admission is the latest in a string of setbacks for the high-flying The stock traded in the low 30s as recently as February. Shares have traded as low as 12.625 and as high as 62.375 in the past 52 weeks. Shares in the company fell more than 28 percent to 10.4375 in late afternoon trading today following yesterday's news, a new 52-week low for the stock. Iridium also said it does not expect to meet certain subscriber goals by the end of the month as required by its lenders, including having at least 27,000 subscribers for its high-tech phone service. Investment bank DLJ will be charged with helping Iridium "in evaluating and reviewing alternatives to restructure its indebtedness and reduce financing costs, in light of lower than expected subscriber ramp-up and revenue generation," the company said in a statement yesterday. Iridium stock tumbled today after the struggling global satellite telephone service provider hired Donaldson Lufkin & Jenrette as a financial adviser to help the company restructure its loan agreements.
0 kommentar(er)
