Iridium World Communications told a bankruptcy court judge it had not received a qualified, last-ditch offer to rescue it from liquidation and that it would begin the process of pulling its satellites out of orbit. Iridium had been in talks with three bidding groups through yesterday, but attorney William Perlstein told the U.S. Bankruptcy Court in Manhattan no deal could be reached.
In other postclose news: (
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
Earnings/revenue reports and previews
warned that its first-quarter earnings will miss expectations primarily because of rising raw material costs. The company said it expects to report earnings of 20 cents to 23 cents a share, while the six-analyst estimate calls for earnings of 25 cents.
said it expects more losses from its
credit card unit in fiscal 1999 and 2000 and said it plans to sell the unit and leave the credit card business. The company said it hopes to sell United CreditServ sometime during 2000 and as a result, will be required to record additional losses of about $100 million, including about $75 million in cash.
said it expects the purchase of
Benicia, Calif. refinery to increase earnings 32 cents a share this year.
said its founder, Klee Irwin, has been named president and CEO, replacing Louis Mancini.