Iridium granted 120-day exclusivity extension

By Caroline Salls

Pittsburgh, Nov. 29 - Iridium Operating Corp. obtained the 26th extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive plan filing period was extended to March 14 from Nov. 14 and the solicitation period to May 9, 2007.

According to the motion, discussions and negotiations on its 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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