Motorola sues Iridium companies over $24.7 mil claim
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 -- then known as GHL Acquisition Corp. -- 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 -based Motorola's complaint.
Liz DeCastro, a spokeswoman for Bethesda, Maryland-based Iridium, said the company "cannot comment on litigation."
The case is Motorola Inc. v. Iridium Satellite LLC, 10CH5684, Cook County Circuit Court, Chancery Division (Chicago).