Microsoft founder Bill Gates is one of a group of private investors involved in a $1 billion refinancing of London-based ICI, the bankrupt LEO outfit that was taken under the Teledesic wing last year. Teledesic say that Clayton, Dublilier & Rice, an investment company with $3.5 billion (E3.66) under management, will place up to $350 million in ICO- Teledesic. $150 million will go into the pot immediately with “an option to invest up to an additional $200 million” at a later date.

Bill Gates will put $100 million into ICO-Teledesic, funded through his private investment vehicle, Cascade Investment LLC. ICO has already received $500 million from Craig McCaw’s Eagle River Investments arm. This $500m was part of the already announced $1.2 million refinancing of ‘New ICO’, made to enable New Ico/ICO Global Communications to emerge from Chapter 11 protection on May 17. Indian media tycoon Subhash Chandra, who controls Zee TV, has also stumped up $65 million. McCaw says he is “honoured and humbled” to have such investors on board.