Current market conditions and evolving business plans have forced...
Current market conditions and evolving business plans have forced ICO-Teledesic Global Ltd. and New ICO Global Communications to withdraw pending S-4 registration statement with SEC for proposed merger, companies announced Mon. They said they wanted to assess financial market…
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and strategic changes in their plans. Boards of both will continue to evaluate mergers with eye toward determining whether one or both will move. New ICO acquired assets of ICO Global Communications in May following Old ICO’s emergence from Chapter 11 bankruptcy proceedings. Old ICO shareholders and other investors received shares of New ICO’s Class A common stock. Under terms of reorganization plan approved by court, New ICO was to use reasonable efforts to list Class A common by March 31. Concurrent with withdrawal of S-4 application, New ICO sought confirmation from court that it not be required to file S-4 because of change in financial conditions. Meanwhile, company confirmed plans to launch satellite on Atlas vehicle from Cape Canaveral in early June. Boeing-built satellite is one of 14 currently under construction for ICO. Backing up earlier reports, ICO said medium-Earth-orbit satellite would serve as part of initial testing of integration of New ICO’s space and ground systems (CD March 15 p3).