The hearing in a bankrupcy court in Delaware, US, along with courts in Bermuda and the Cayman Islands will come up towards the month-end.

The courts had approved $150 million interim debtor-in-possession financing of ICO Global by Craig O McCaw and his affiliate companies Teledesic LLC and Eagle River Investments LLC.

Agrani had bid $1.2 billion for 74% in ICO Global, while Craig O McCaw had bid for 80% for the same amount.

The courts granted the approvals after hearing a competing bid for acquisition of ICO from Subhash Chandra-promoted Agrani Satellite Communications on November 9.

ICO Global had filed for Chapter 11 bankruptcy hearing in the US court on August 27 along with seeking protection in Bermuda and Cayman Islands.Teledesic, Eagle River and McCaw had agreed with ICO on October 31 to lead a group of international investors to provide up to $1.2 billion in new financing to the company, subject to, among other things, confirmation and consummation of a reorganisation plan.The company will seek final approval from the court on December 3, 1999 for the balance of the first tranche of $225 million, together with the second tranche of $275 million.

ICO chief executive officer Richard Greco expressed his satisfaction at the progress towards completion of ICO's financing needs. "Approval by the court of $150 million in financing represents a very important step forward for us. I am very pleased that we have been able to maintain our momentum in the efforts to restructure the company and press forward towards commercial implementation," he said in a statement posted on the company's website.

The funds will be utilised to continue the buildout of ICO's integrated space and ground network. ICO Global was established in January 1995 as a private company to provide global mobile personal communications services by satellite, including digital voice, data, facsimile, high penetration notification, and message services. ICO Global Communications was listed on Nasdaq in July 1998.

At the time of filing the voluntary petition for reorganisation under Chapter 11 of the United States Bankruptcy Code in the US bankruptcy court for the district of Delaware on August 27 this year, ICO had said that the company aimed to create, develop and operate a high performance, and cost-effective global mobile telecom business.