Satellite-phone company Iridium LLC has joined the parade of billion-dollar companies filing for bankruptcy court protection in Delaware, while dissident noteholders filed an involuntary petition against the company in New York.
Iridium filed its Chapter 11 petition in U.S. Bankruptcy Court in Wilmington Aug. 13 after its bondholders and its biggest investor, Motorola Inc., couldn’t agree on a plan that would allow the cash-strapped satellite-telephone company to repay its debts.
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