Iridium: French government has OK’d loan restructuring; liquidity no longer an issue

by Peter B. de Selding

PARIS — Mobile satellite services provider Iridium Communications said its lenders have agreed to waive multiple covenants that could have led to a loan default in the next year, freeing the company from cash worries until 2022.

The deal with Bpifrance Assurance Export, France’s export-credit agency formerly known as Coface, is not yet signed. But Iridium Chief Financial Officer Thomas J. Fitzpatrick said an agreement in principle has been reached and has been approved by the French government.

Key to the agreement is a demand that Iridium raise . . .

To view the entire article, become a subscriber!

You may also like