WASHINGTON (Reuters) -- Iridium LLC, the Bermuda-based global satellite telephone company that filed for bankruptcy protection last month, said yesterday it hired a team of specialists to help it restructure.

Iridium, which offers telephone service anywhere in the world via a system of 66 low-earth orbiting satellites, also said Leo Mondale had resigned as chief financial officer, a post he had since April.

"I accepted the CFO position to support Iridium's efforts to bring about an out-of-court restructuring,'' Mondale said in a statement. "Since this is no longer possible, it is appropriate for me to step down and let the new management team, with reorganisation experience, take over.'' Iridium, which is 18 percent owned by technology group Motorola Inc., said it had hired Alvarez & Marsal Inc., a New York-based firm that specialises in turning ailing companies around. David Gibson, a managing director for Alvarez & Marsal, was named interim CFO, while another managing director, Joseph Bondi, was named chief restructuring officer, Iridium said.

"At this stage of the financial process, it is vital that we engage all the appropriate expertise to get our restructuring done,'' John Richardson, Iridium's chief financial officer, said in the statement.

Iridium filed for protection from its creditors under Chapter 11 on August 13 after it defaulted on over $1.5 billion in loans.