Iridium Retains Experts to Manage Restructuring Effort - Company Operations

Cambridge Telcom Report, Sept 13, 1999

Iridium LLC (NASDAQ:IRIQE) has announced that it has retained Alvarez & Marsal, Inc., the New York-based turnaround firm, as well as two of its managing directors, Joseph A. Bondi and David R. Gibson, to participate in the company's financial restructuring reporting to CEO John Richardson. Mr. Bondi will be Chief Restructuring Officer and Mr. Gibson will serve as interim Chief Financial Officer, replacing Leo Mondale who has resigned.

Mr. Mondale was instrumental in raising initial investment capital for the company. During his tenure with Iridium his responsibilities included strategic planning and regulatory affairs. He was elected CFO in April of this year to help lead Iridium's restructuring efforts prior to the company filing for reorganization under Chapter 11.

Mr. Bondi brings significant turnaround experience and expertise to Iridium, including his role as Chairman - Restructuring of MobileMedia, Inc. Mr. Bondi also served as Senior Vice President of both Phar-Mor, Inc. and Republic Health Corporation.

Mr. Gibson comes to Iridium with years of experience in corporate restructuring in wireless communications and other industries. He most recently served as Senior Vice President and CFO of MobileMedia, Inc.

Mr. Richardson noted that Messrs. Bondi and Gibson bring extensive experience to the negotiating table. "At this stage of the financial process, it is vital that we engage all the appropriate expertise to get our restructuring done."

Iridium LLC became the world's first global satellite phone and paging company on November1, 1998. Its network of 66-low earth orbiting satellites, combined with existing terrestrial cellular systems, enables customers to communicate around the globe. Iridium World Communications, Ltd. (NASDAQ: IRID) is the public investment vehicle of Iridium LLC.