Iridium World Communications received another extension from its lenders, giving it until June 30 to prove it can meet certain customer and revenue targets. The satellite telecommunications company, which is based in the District, plans to use the next 30 days to get a consensus among its investors and creditors on a plan to restructure its debt. Iridium's chief financial officer, Leo Mondale, said the firm was aiming for a restructuring rather than declaring bankruptcy.
Archer Daniels Midland and four other companies will pay $4.8 million over the next 12 months to settle allegations they conspired to fix the price of sodium gluconate, an organic chemical used in industrial cleaning agents. The settlement resolves a 1997 class action suit filed on behalf of direct buyers of the chemical.
Yahoo, the No. 1 Internet search service, fired about 200 GeoCities employees, or 63 percent of its work force, and said it will take a $68 million pretax charge against second-quarter earnings for its $3.7 billion acquisition of the provider of Web pages. Yahoo said about 100 GeoCities employees will be retained and integrated into the company's Santa Clara, Calif., headquarters and its regional sales offices.
The FDA approved Enbrel, a drug that tones down the immune response, to treat rheumatoid arthritis in children. The drug, already approved for adults, was developed by Immunex of Seattle and is marketed in cooperation with the Wyeth-Ayerst Pharmaceuticals division of American Home Products. The drug has contributed to big gains in Immunex's stock price over the last year.
General Motors spun off auto parts maker Delphi Automotive Systems in a $9.3 billion distribution that lets GM focus on cars while Delphi builds its own business. GM investors got an 80.1 percent stake in Delphi and a pension trust got a 2.2 percent stake. GM now owns no Delphi shares.