May 15, 2009 / 6:14 PM / 8 years ago

UPDATE 1-ICO Global Communications unit files for bankruptcy

May 15 (Reuters) - ICO North America, a unit of satellite communications company ICO Global Communications (Holdings) Ltd ICOG.O, filed for Chapter 11 protection on Friday, court filings showed.

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 until Friday.

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 Sarkar)

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