Iridium, Boeing restructure operations deal

Iridium Communications Inc. and Boeing Co. have inked a deal that will keep the aerospace giant serving as Iridium’s network operations and support.
 
Financial details of the deal were not disclosed, but it extends a 10-year-old agreement between Boeing and Iridium that had Boeing operating the network of 66-satellite constellation that provide global communications.
 

 
The new agreement, which will release about $15 million in restricted cash and save Iridium money, extends to the Iridium NEXT system, which will replace the current satellites likely starting in 2015.
 
Much of the work for the McLean, Va.-based Iridium is done in the Valley, including Boeing’s operations. Iridium’s CEO said it is important to get the agreement extended so Boeing could continue to work with the project.