Iridium Holdings Llc News

Iridium Communications Inc. (Nasdaq:IRDM) reported financial results for the quarter ended June 30, 2010. The following reflects the results of Iridium Communications Inc. for the second quarter of 2010 compared to those of Iridium Holdings LLC (predecessor) for the second quarter of 2009. -    Total billable subscribers grew 16.8%, reaching approximately 383,000 – up from approximately 328,000 at the end of the comparable quarter last year. Growth occurred across all product areas. -    Commercial service revenue increased 13.8% to $45.5 million in the second quarter compared to $40.0 million during the second quarter of 2009. For the first half of the year, commercial service revenue was up 12.5% over the first half of 2009.

GHL Acquisition Corp. (NYX: GHQ, GHQ.WS and GHQ.U) announced that its stockholders have voted to approve its acquisition of Iridium Holdings LLC.  The stockholders of GHL Acquisition also approved all of the other proposals which came before the special meeting of the stockholders.  Holders of 9,214,167 shares voted against the acquisition of Iridium and have submitted valid elections to seek redemption of their shares of common stock.  The acquisition of Iridium is expected to close on September 29, 2009, subject to the satisfaction of customary closing conditions.

Stephen N. Carroll has assumed the position of President and CEO of Iridium Holdings, parent company of Iridium Satellite LLC. Gino Picasso, President and CEO of Iridium Satellite LLC will remain in his current position and report to Carroll. New President and CEO Stephen Carroll said, "I am honored to have the opportunity to lead Iridium further down the road of success. Before joining Iridium, Carroll most recently was a co-investor with the Soros Private Equity Group where he served as Chairman of Storm Telecommunications of New York and London as well as Chairman of ACCESS 7, a Germany-based VPN/IP telecommunications company. He…