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Short Take: Iridium gets funding extension through March 17

Iridium, the financially struggling satellite phone service provider, will be allowed to continue operating for nearly another two weeks. Judge Cornelius Blackshear, of the U.S. Bankruptcy Court for the Southern District of New York, today granted Iridium access to an additional $3 million from its cash collateral to fund operations through March 17 when another hearing is scheduled on the company's fate. Iridium has until March 15 to get new purchase proposals, after cellular phone pioneer Craig McCaw backed away from a possible bailout.

Iridium, the financially struggling satellite phone service provider, will be allowed to continue operating for nearly another two weeks. Judge Cornelius Blackshear, of the U.S. Bankruptcy Court for the Southern District of New York, today granted Iridium access to an additional $3 million from its cash collateral to fund operations through March 17 when another hearing is scheduled on the company's fate. Iridium has until March 15 to get new purchase proposals, after cellular phone pioneer Craig McCaw backed away from a possible bailout.