THE CUTTING EDGE/TECHNOLOGY NEWS : Iridium Hires Turnaround Firm

Iridium, the global satellite telephone company that filed for bankruptcy protection last month, said it hired Alvarez & Marsal Inc., a New York-based firm that specializes in turning around ailing companies, to help it restructure. Iridium also said Leo Mondale had resigned as chief financial officer, a post he had held since April. David Gibson, a managing director for Alvarez & Marsal, was named interim CFO, and another managing director, Joseph Bondi, was named chief restructuring officer. Trading in Iridium shares has been suspended on Nasdaq since the filing.