Iridium Tells Court It Can’t Locate A Buyer; Venture to Liquidate Assets

The company filed for bankruptcy protection last August. Wireless pioneer Craig McCaw recently said he wouldn’t bail out Iridium, dashing hopes that the $5 billion satellite phone venture would rebound. Now, Iridium’s satellites will be left to disintegrate in the atmosphere as they fall from space. That process could take months, said Marco Caceres, a senior space analyst with consultant Teal Group in Fairfax, Va. “This is unprecedented. No one has ever brought down this number of satellites at the peak of their performance times,” he noted. Mr. Caceres said the satellites will have to be maneuvered into lower orbits in small groups so they can burn in the atmosphere. “It will be a gradual process, that’s what adds to the cost,” he said.