Iridium exclusivity extended through April 14 hearing

By Jennifer Lanning Drey

Portland, Ore., March 27 - Iridium LLC obtained a bridge exclusivity extension to April 14 in conjunction with the postponement of the hearing for final approval of the company's exclusivity request, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Iridium has requested that its exclusive plan-filing period be extended to June 13 from March 14 and the solicitation period to Aug. 15 from May 9.

As previously reported, the company said 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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