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Iridium cries uncle in last chapter of satellite debacle

Barring any last-minute bidders, the company will start letting its satellites go down in flames at midnight.


  latest developments 

The satellite-based mobile phone company, which filed for bankruptcy protection and has been unable to attract last-minute bidders, will start letting its satellites go down in flames at midnight.

"It's toast."

- Marc Crossman, J.P. Morgan analyst


Iridium asks court to let satellites burn
The company tells a bankruptcy court it can't find a qualified buyer for its satellite-based mobile phone service and wants to shut down by midnight.

Previous coverage
Last-minute bidders may save Iridium
Several bidders submit offers for Iridium in a last-ditch effort by the satellite-based mobile phone company to save itself.

Iridium satellites may go down in flames
The company is on the verge of a spectacular business flameout--literally set to burn up billions of dollars' worth of Earth-orbiting assets.

Iridium customers told service may end
Motorola notifies customers of the satellite telephone system it bankrolled that service would end March 17 unless a buyer comes forward.

McCaw won't invest in satellite phone firm
update The cellular phone industry magnate and billionaire will not invest in Iridium, possibly dashing the company's hopes of a rescue.

McCaw offers to invest $75 million in struggling Iridium
The beleaguered company could receive nearly $75 million in interim funding from a group of investors led by cellular pioneer Craig McCaw.