Motorola Inc denies that it has failed to meet its December 15 deadline to sign sufficient partners to embark on its Iridium satellite mobile phone system, saying that government approvals, which take time to come through, are needed for many would-be investors: Motorola wants to retain 15%, and says that United Communications Co of Bangkok […]
Motorola Inc denies that it has failed to meet its December 15 deadline to sign sufficient partners to embark on its Iridium satellite mobile phone system, saying that government approvals, which take time to come through, are needed for many would-be investors: Motorola wants to retain 15%, and says that United Communications Co of Bangkok and the Brazilian government have each signed letters of intent to pay $80m for 5% stakes, implying that Motorola is proposing to raise $1,600m of the $3,370m estimated cost in the form of equity, and to borrow the balance.
