Iridium says 2nd-generation satellites working flawlessly as financial challenges approach

by Peter B. de Selding

The Aireon global flight-tracking service, in which Iridium Communications is a large minority shareholder, owes Iridium $200 million in return for having Aireon ADS-B payloads aboard the Iridium Next satellite constellation. Aireon has been unable to make the payment. As a consequence, Iridium is negotiating an amendment to its $1.8-billion credit facility, delaying payments to satellite prime contractor Thales Alenia Space and suspending dividend payments on its preferred stock. Iridium says the modifications mean the company has until early 2019 before it will need the Aireon cash. Credit: Aireon


Key takeaways from Iridium’s . . .

To view the entire article, become a subscriber!

You may also like