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ICO Global Communications Ltd. (ICOGF) filed for voluntary Chapter 11 bankruptcy today in a Delaware court for $1.18 billion in liability and $2.6 billion in assets, officials of the London-based company said. Trading of ICO's stock was halted on the NASDAQ. Shares closed at 3 5/8.
The filing is intended to "buy time" to allow ICO to complete its latest round of financing, ICO spokesman Mike Johnson told Satellite Today from London.
ICO's filing comes two weeks to the day after one of its two major competitors, satellite-telephone-pioneer Iridium LLC (IRID), filed for Chapter 11 bankruptcy after the company defaulted on $1.55...