Bankruptcy deal OK'd

Schaumburg-based Motorola Inc., the world's third-biggest mobile-phone maker, won approval of a settlement with Iridium LLC that eliminates the last obstacle to winding up Iridium's nine- year bankruptcy. U.S. Bankruptcy Judge James Peck in Manhattan approved the April accord Tuesday, ending litigation between Motorola and its failed satellite phone unit. Iridium will distribute $16 million to unsecured creditors on claims of $1.6 billion, giving a 1 percent recovery. The accord gives $34 million to bank lenders, along with a 5 percent interest in a related company, Iridium Holdings LLC, a parent of successor Iridium Satellite LLC.