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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported:) August 13, 1999
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Iridium LLC
Delaware 0-22637-01 52-1984342
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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Iridium Operating LLC
Delaware 0-22637-02 52-2066319
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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Iridium World Communications Ltd.
Bermuda 0-22637 52-2025291
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
(441) 295-5950
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Iridium Capital Corporation
Delaware 333-31741-03 52-2048739
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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Iridium IP LLC
Delaware 333-31741-01 52-2048736
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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Iridium Roaming LLC
Delaware 333-31741-02 52-2048734
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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Iridium Facilities Corporation
Delaware 33-44349-04 52-2083969
(State or other (Commission File Number) (I.R.S. Employer Identification
jurisdiction of Number)
organization)
1575 Eye Street, N.W., Washington, DC 20005
(202) 408-3800
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This current report on Form 8-K is filed jointly by Iridium LLC (the
"Parent"), Iridium Operating LLC ("Operating"), Iridium World Communications
Ltd. ("IWCL"), Iridium Capital Corporation ("Capital"), Iridium Roaming LLC
("Roaming"), Iridium IP LLC ("IP") and Iridium Facilities Corporation
("Facilities").
IWCL acts as a member of the Parent and has no other business.
Operating is a wholly owned subsidiary of the Parent. The business of Operating,
operating the Iridium system and offering Iridium services, constitutes
substantially all of the business of the Parent. Capital, Roaming, IP and
Facilities are wholly owned subsidiaries of Operating.
Item 5. Other Events
On August 13, 1999, Iridium LLC, Iridium Operating LLC, Iridium World
Communications Ltd. and Iridium Capital Corporation filed a voluntary petition
for reorganization under Chapter 11 of the Federal Bankruptcy Code in Federal
District Court in Delaware. Also, on August 13, 1999, a purported involuntary
petition for reorganization under Chapter 11 was filed in respect of Iridium
Operating LLC and Iridium Capital Corporation in Federal District Court in the
Southern District of New York.
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Exhibit Number Description
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99 Press Release dated August 13, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, each registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
IRIDIUM WORLD COMMUNICATIONS LTD.
By_________/S/_________________
Name: F. Thomas Tuttle
Title: Secretary
IRIDIUM LLC
By________/S/__________________
Name: F. Thomas Tuttle
Title: Secretary
IRIDIUM OPERATING LLC
By___________/S/_______________
Name: F. Thomas Tuttle
Title: Secretary
IRIDIUM CAPITAL CORPORATION
By___________/S/_______________
Name: F. Thomas Tuttle
Title: Secretary
IRIDIUM IP LLC
By___________/S/_______________
Name: F. Thomas Tuttle
Title: acting secretary
IRIDIUM ROAMING LLC
By____________/S/______________
Name: F. Thomas Tuttle
Title: acting secretary
IRIDIUM FACILITIES CORPORATION
By_____________/S/_____________
Name: F. Thomas Tuttle
Title: Secretary
Date: August 13, 1999
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EXHIBIT 99
[IRIDIUM LETTERHEAD]
PRESS RELEASE
FOR IMMEDIATE RELEASE
August 13, 1999
IRIDIUM LLC INITIATES IN-COURT FINANCIAL RESTRUCTURING
WASHINGTON, D.C. -- IRIDIUM LLC announced today that it is pursuing a
comprehensive financial restructuring through a voluntary Chapter 11 filing in
the United States Bankruptcy Court in Delaware. The major stakeholders in this
restructuring -- banks, bondholders and Iridium's strategic partners -- have
voiced support for this course of action. Iridium believes they will continue to
cooperate during this process. U.S. law allows Iridium a unique opportunity to
complete its financial restructuring under an orderly, court-supervised process.
Iridium's current and future customers will not be affected by this action.
There will be no interruption of Iridium's global service. "The action is the
most efficient way to conclude Iridium's restructuring negotiations," said John
A. Richardson, CEO of Iridium LLC. "We are confident that Iridium will emerge
from this process as a stronger and more vibrant company in the
telecommunications marketplace." Motorola, Iridium's largest investor and
operator of the Iridium system, expressed strong support for the Iridium
business from a financial and operational perspective. Motorola will continue
its full operational support for Iridium LLC, the Gateways and all current and
future subscribers during the reorganization process. They will continue to
invest in the technology and to develop the next generation of Iridium products.
Motorola stated: "We are encouraged by Iridium management's decision to pursue
this course for restructuring the business. Given the progress being made to
date to restructure Iridium's capital structure, we are optimistic that a
restructuring plan can be accomplished within 30 days." Nippon Iridium
Corporation, Iridium's second largest investor, also expressed its support for
today's action: "We continue to believe in the long-term viability of the
Iridium project and are confident that this approach will greatly strengthen
Iridium's financial position and enable the company to succeed in the
marketplace." Iridium LLC became the world's first global satellite phone and
paging company on November 1, 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.
# # #
Iridium is a registered trademark and service mark of Iridium IP LLC
