the letter of credit was provided to iridium by qad but never...

the letter of credit was provided to iridium by qad but never used.
it has always appeared tho as a potential debt. Now this is no longer needed as the co. iridium has sought external borrowings.It means QAD has no debt (or potential debt).

Qad was one of the original equity partners that bought iridium at a "fire sale" . I think their latest announcement means that the have got back wot they paid but still have 6.5% and will benefit from other distributions Iridium may make.