Iridium defaults on loans worth more than $1.5 billion

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WASHINGTON, D.C., Aug 11 — Iridium World Communications LLC on Wednesday
said it had defaulted on loans totaling more than $1.5 billion, pushing the
struggling operator of a $5 billion global satellite telecommunications
network another step closer to insolvency.

http://www.msnbc.com/news/299671.asp

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