A group of investors led by telecoms personality Craig McCaw has provided a $74.6 million rescue package for ailing satellite communications provider Iridium.
The company has been operating under Chapter 11 bankruptcy protection since last August and the money will allow it to continue operating until 15 June.
In the meantime, the investors and Motorola, Iridium's largest shareholder, will thrash out a long-term financial restructuring agreement.
Motorola officials said McCaw could potentially create a new company, but warned that this could mean that its stake was reduced to a minority holding.
"This interim financing is a critical step towards Iridium's successful restructuring and emergence from bankruptcy under the control of Craig McCaw," said John Richardson, Iridium's chief executive.
Iridium was touted as the world's first global satellite phone and paging company when it was launched on 1 November 1998. But it was plagued by a number of technical problems.
The service was soon criticised for being too expensive, with some calls costing between $3 and $7 a minute.
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