May 15 ICO North America, a unit of satellite
communications company ICO Global Communications (Holdings) Ltd
ICOG.O, filed for Chapter 11 protection on Friday, court
The unit filed for bankruptcy in a Manhattan court under
the name of DBSD North America Inc.
Earlier this month, ICO North America entered into a second
forbearance agreement with its lenders which was effective
In court documents, DBSD said its assets totaled about $630
million as on March 31 and it had total outstanding debt of
about $813 million as on Friday.
DBSD said in the filings that it was a "development-stage
enterprise" formed in 2004 to design and develop a mobile
satellite and ground network for wireless communications.
ICO Global shares, which have lost more than 83 percent of
their value in the last 12 months, were trading down more than
6 percent at 59 cents on Nasdaq.
The case is In re: DBSD North America Inc, U.S. Bankruptcy
Court, Southern District of New York (Manhattan) No. 09-13061.
(Reporting by Santosh Nadgir in Bangalore; Editing by Himani