Iridium requests four-month exclusivity extension

By Caroline Salls

Pittsburgh, Jan. 26 - Iridium LLC requested a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to July 14 from March 14 and the solicitation period to Sept. 9, 2007 from May 9.

According to the motion, discussions and negotiations on Iridium's proposed plan were suspended during sale negotiations and continue to be suspended pending the outcome of an appeal of a proposed settlement with former parent Motorola and the resolution of committee litigation.

Iridium owned and operated a global telecommunications system. The company filed for bankruptcy on Aug. 13, 1999. Its Chapter 11 case number is 99-45005.

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