Teledesic suspends satellite plans
Posted: Thu, Oct 3, 2002, 8:13 AM ET (1213 GMT)
Broadband satellite company Teledesic announced Wednesday that it is suspending work on its first two satellites as it considers "alternative approaches" to its business. In January Teledesic signed a contract with satellite manufacturer Alenia Spazio for the construction of the first two spacecraft of a revamped 30-satellite system, barely meeting a deadline in Teledesic's FCC license. However, the company has since decided that it would not be "prudent" to continue given the current poor economic conditions, which co-CEO Craig McCaw described as "an unprecedented confluence of events in the telecommunications industry." Company officials said they are considering alternative options for the company; their press statement emphasized potential government uses for Teledesic's proposed broadband telecommunications system.
Broadband satellite company Teledesic announced Wednesday that it is suspending work on its first two satellites as it considers "alternative approaches" to its business. In January Teledesic signed a contract with satellite manufacturer Alenia Spazio for the construction of the first two spacecraft of a revamped 30-satellite system, barely meeting a deadline in Teledesic's FCC license. However, the company has since decided that it would not be "prudent" to continue given the current poor economic conditions, which co-CEO Craig McCaw described as "an unprecedented confluence of events in the telecommunications industry." Company officials said they are considering alternative options for the company; their press statement emphasized potential government uses for Teledesic's proposed broadband telecommunications system.
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