Motorola Sues Iridium Companies for $24.7 Million

[khurramdar]

Motorola Sues Iridium Companies for $24.7 Million

Motorola Inc. sued two Iridium Communications Inc. units, claiming they owe the U.S. mobile phone maker $24.7 million.

In a complaint filed yesterday in a state courthouse in Chicago, Motorola alleges it is owed the money under the terms of a loan it made to Iridium Satellite LLC in 2000, which was then guaranteed by Iridium Holdings LLC.

Iridium Holdings, a satellite telecommunications company, was acquired by Iridium Communications â€" then known as GHL Acquisition Corp. â€" in September for more than $546 million.
That transaction triggered repayment of the 9-year-old debt under a change of control provision in the parties’ agreements, according to Schaumburg, Illinois-based Motorola’s complaint.