ICO-Teledesic Global and New ICO Pull S-4.Business Editors KIRKLAND, Wash.--(BUSINESS WIRE)--March 16, 2001 In light of current market conditions and evolving business plans, ICO-Teledesic Global Limited and New ICO ICO Icon (File Name Extension) ICO In Case Of ICO Information Commissioner's Office (UK) ICO Instituto de Crédito Oficial (Spain: Official Credit Institute) Global Communications (Holdings) Limited today withdrew their pending S-4 registration statement with the U.S. Securities and Exchange Commission. The S-4, which was filed in September 2000, related to the proposed mergers of New ICO and Teledesic Corporation into ICO-Teledesic Global, a Kirkland, Wash.-based holding company formed to hold the satellite assets of telecommunications pioneer Craig McCaw Craig McCaw (b. August 11, 1949 in Centralia, Washington) is the second of four sons of Marion and John Elroy McCaw. The Seattle-area businessman and entrepreneur achieved success as a pioneer in the cellular phone industry. . ICO-Teledesic Global and New ICO determined to withdraw the registration statement while they assess the impact of dramatically different financial market conditions and changes to the New ICO and Teledesic business plans. The move also gives the companies added flexibility as they attempt to stabilize stabilize See peg. the mobile satellite industry and build viable satellite systems offering a broad array of advanced telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and around the world. The boards of directors of New ICO, Teledesic and ICO-Teledesic Global continue to consider the status of the mergers and whether one or both will proceed. London-based New ICO is developing a mobile satellite system to offer high-quality mobile voice services and medium-speed wireless Internet and other packet-data services on a global basis. Bellevue, Wash.-based Teledesic is developing a global broadband satellite communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. and is working with contractors to build a cost-effective system. New ICO acquired the assets of ICO Global Communications (Holdings) Limited ("Old ICO") in May 2000 following Old ICO's emergence from Chapter 11 reorganization proceedings. In that transaction, Old ICO shareholders and other constituents received shares of New ICO's Class A Common Stock. Under the terms of the plan of reorganization approved by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , New ICO undertook to use reasonable efforts to list its Class A Common Stock no later than March 31, 2001. Concurrent with the withdrawal of the S-4 registration statement, New ICO today filed an application with the bankruptcy court to seek confirmation that, in light of the changed circumstances described above, New ICO is not required to list the Class A Common Stock within this timeframe. |
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