KDDI Files for Nippon Iridium's Bankruptcy
Posted on: Friday, 2 December 2005, 18:00 CST
Tokyo, Dec. 2 (Jiji Press)--Major Japanese telecommunications firm KDDI Corp. said Friday it has filed for the bankruptcy of its Nippon Iridium Corp. subsidiary, the Japanese partner of the worldwide Iridium satellite mobile phone project.
Liabilities totaled 10.1 billion yen, KDDI said.
In line with the filing for the start of bankruptcy procedures, KDDI said it has started liquidation of Nippon Iridium's wholly owned subsidiary in Bermuda.
KDDI said it decided to file for the bankruptcy as it was unable to sell the premises of Nippon Iridium's phone base station in Nagano Prefecture.
KDDI has already written off investments it had made in the subsidiary.
Nippon Iridium ceased operations in March 2000 following the bankruptcy of Iridium of the United States, which had been leading the satellite-based mobile phone project.END
Source: Jiji Press English News Service
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