TELECOMMUNICATIONS
From Times Staff and Wire Reports
Motorola Gets Financing for Iridium: The agreements with 12 investors or investment groups totaling $800 million moved Motorola Inc. closer to launching its $3.4-billion global wireless telephone network, called Iridium. Motorola will begin building Iridium’s 66 satellites, which by 1998 would relay voice, data, facsimile and paging signals from low orbit to anywhere. The company will seek another $800 million in equity investment over the next 18 months and plans to borrow the remaining $1.8 billion. Motorola contributed $270 million, or about one-third of the current financing.
