ICO Global Communications, the would-be global satellite communications provider, announced Tuesday that it has won backing from its investors that could lead it out of bankruptcy.
Investors have pledged more than $225 million of fresh investment for the company, a company statement said.
The UK-based firm failed in two previous investment drives in July and August to raise more than $500 million.
Those fundraising woes led it to declare bankruptcy on August 27.
ICO has since lowered its financing requirements by nearly 30 percent to $1.2 billion.
The company is considering reducing the number of satellites and ground stations for its system, according to Joe Tedino, a spokesman for ICO. It says it can operate the system with six satellites, but still plans to launch 12 to allow for greater capacity.
"We have started to turn the corner with the new ICO and are pressing onward to emerge from Chapter 11, complete our system, and start service," said ICO's CEO, Richard Greco, in a statement.
The company still plans to build, launch, and operate a constellation of communications satellites by 2001. Their service would allow users to make telephone calls on portable sets virtually anywhere in the world.
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