- StarBand Communications Inc. (www.starband.com) will not proceed with its planned public offering of common stock and has advised the U.S. SEC (www.sec.gov) that it is withdrawing the registration statement filed in connection with the offering. StarBand also announced that it has reached a milestone of 25,000 customers throughout the 48 continental states, and plans to launch service in Alaska, Hawaii and Puerto Rico later this year.
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- Copper Mountain Networks Inc. (www.coppermountain.
com) is restructuring in order to reduce its overall cost structure and improve operating efficiencies. The company says it will eliminate approximately 25 percent of its workforce, or a total of 112 employees. In other news, Copper Mountain's chairman and general manager of the public network business unit, Joseph
Markee, and CFO, John Creelman, resigned. Rick Gilbert, president and CEO, will step in to serve as chairman of the board. Steven Hunt was promoted to general manager of the public network business unit, and Michael Staiger was promoted to CFO. Hunt was previously vice president of engineering. Staiger was previously vice president of business development.
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- Iridium Satellite LLC (www.iridium.com) signed agreements with 13 service providers, who will resell Iridium's global satellite services to industry and government customers. Iridium's partners include AST Airtime Limited, Eurocom Industries,
Fibertel, GEOLINK Global Satellite Services, Global Satellite FWI, GloCall Satellite Communications BV, Incomserv Co. Ltd., Infosat Telecommunications, Marconi Marine, O'Gara Satellite Networks Ltd., Rent Express, Stratos and World Communication Center.
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- ICP Conversent Communications LLC (www.
conversent.com) secured $186 million in a second round of funding led by FleetBoston Financial Corp. (www.
fleetboston.com) and CIT Lending Services Corp.. The round also included investments from Bank of New York, GE Capital Corp. and IBM Credit Corp. Cable entrepreneur Robert Fanch led a round of private equity investments.
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- Broadband and optical product developer and manufacturer Hatteras Networks (www.hatterasnetworks.com) closed its second round of venture financing, bringing its total equity financing to $28 million. Bessemer Venture Partners Inc. (www.bessemervp.com), Columbia Capital (www.colcap.com) and ComVentures (www.comventures.com) led the round. Hatteras also named Peter Savage vice president of business development, and Joe Jager was named vice president of product development. Savage was previously president and CEO of Applied Digital Access. Jager was most recently vice president of product development for Nortel Networks.
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- Eftia OSS Solutions Inc. (www.eftia.com) secured an additional $20 million in private equity funding. Investments from Mellon Ventures II LP, Deloitte Consulting Ventures, Citizens Capital Inc., as well as funds managed by a Canadian mutual fund company, bring the total venture investment in the company to over $75 million.
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- Citicorp USA Inc. (www.citicorp.com) and Lehman Commercial Paper Inc. committed to fully underwrite a $950
million add-on to Williams Communications' (www.
williamscommunications.com) existing senior credit facilities. This brings the total size of Williams' senior credit facilities to $2 billion. Williams expects to complete the transaction this month.
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