Craig McCaw Buying ICO Global

Cellular-phone pioneer Craig McCaw and Subhash Chandra, who runs India’s most popular television network, won U.S. Bankruptcy Court approval for a joint purchase of satellite-telephone company ICO Global Communications Ltd. McCaw will be the largest shareholder in London-based ICO, with about 46%. Chandra will own 28% and ICO’s bondholders, existing shareholders and vendors will split 26%. ICO filed for bankruptcy protection in August, just days after rival Iridium did the same. ICO Global is one of three satellite-telephone providers and the only one that hasn’t started service, unlike Iridium and Globalstar Telecommunications Ltd. The ruling to allow the investment by McCaw and Chandra gives new life to the fledgling company and to the industry as well. ICO’s shares, now at $3.63, haven’t traded since its August bankruptcy filing.