Transportation Industry
McCaw-led group to pump new life into ICO Global.
Marine Log, January, 2000
Telecommunications pioneer Craig McCaw and a posse of international investors are riding to the rescue of bankrupt mobile communications company 100 Global Communications.
Last month, ICO Global Communications said that the U.S. Bankruptcy Court in Wilmington, Delaware, had approved a $500 million financing plan that would help the company emerge from bankruptcy. McCaw and Subhash Chandra, chairman of the Essel Group, which has extensive TV holdings, have joined together in a bid to provide the new financing required by ICO. McCaw and Chandra have committed to provide up to 62% and 38%, respectively, of the equity funding required for 100 to exit from bankruptcy.
The courts decision ratifies an earlier agreement. Further commitments could see McCaw...
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