SK Telecom, the Korean partner of Iridium LLC created to provide Iridium services, said today that the service would be terminated from 13:59 PM, March 18, Korean time as per the consortium?s decision.

The consortium initiated voluntary efforts to restructure itself after it had filed bankruptcy under Chapter 11 in August 1999 but its attempt to attract new investments failed.

SK Telecom said that the company would give appropriate levels of compensation as soon as possible to 1,156 subscribers to Iridium phone service, satellite paging service and Metro service for the sudden termination of service.

SK Telecom acquired the right to control the gateway in Korea by buying 4.4% of the consortium in 1994, and began to provide the satellite mobile communications services from November 1998.

History of Iridium Service?

1987 Three satellite communications engineers of Motorola in Chandler, Arizona, came up with an idea of phone services using satellites instead of electric circuits or cables.

Aug. 1990 Motorola revealed the plan to provide global mobile phone services using low orbit satellites and named it the Iridium Project.

1991 Iridium Inc. was founded to bring the Project to a global level (transformed itself into Iridium LLC in 1996)

1994 Iridium LLC created a global consortium and secured 1.6 billion dollars in capital investment.

Sep. 1994 SK Telecom bought 4.4% of the Iridium shares worth 81.7 million dollars and acquired the exclusive control on the Korean Peninsula.

Nov. 1998 Global Iridium service was inaugurated simultaneously.

Aug. 1999 Iridium LLC filed bankruptcy under Chapter 11 with U.S. Court