Iridium reports only moderate damage in 1st full Covid-19 quarter; Aireon, more exposed, needs shareholder loan

by Peter B. de Selding

PARIS — Mobile satellite service provider Iridium Communications reported only mild turbulence from Covid-19 during the three months ending June 30 but said the drop in air traffic would mean its 22%-owned Aireon LLC, which provides global air-traffic surveillance, will require additional cash before stabilizing its business.

Iridium is contributing $11 million for its share of a $50 million loan being made available to Aireon by its shareholders, led by Nav Canada, which owns 45%. The loan carries an interest rate of 11%.

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