ICO Global and DISH Networks Sign Implementation and Restructuring Support Agreements; DISH to Pay ICO $324.5M

ICO Global Communications Limited ICOG announced today that it has entered into a Restructuring Support Agreement and Implementation Agreement with DISH Network Corporation DISH.

Pursuant to these agreements, ICO has agreed to support a proposed amended Investment Agreement between DISH and ICO's subsidiary, DBSD North America, Inc., has granted to DISH options to acquire certain ICO assets, and has agreed to grant to DBSD certain spectrum priority rights. These agreements do not diminish or otherwise alter ICO's obligations to Jay & Jayendra Ltd, nor do they affect in any manner ICO's ongoing litigation with The Boeing Company and its subsidiary, Boeing Satellite Services, Inc. ICO retains all rights to such litigation.

As consideration for ICO's commitments under these agreements, DISH will pay ICO approximately $324.5 million, with $35 million paid within five days after Bankruptcy Court approval of the amended Investment Agreement, and all but $10 million of the remainder paid approximately thirty days after such approval.