Financial Crisis Drives ICO Global Unit Into Ch. 11

Law360, New York (May 15, 2009, 12:00 AM EDT) -- ICO Global Communications Holdings Ltd. subsidiary DBSD North America Inc. sought bankruptcy protection on Friday, saying the financial crisis had impeded the development-stage company's access to funds it could have used to satisfy debt obligations and fund the final stages of its business plan.

DBSD North America filed its Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York. DBSD said in court papers that it had about $630 million in assets as of the end of March, and about $813...
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