Communications Ltd., which filed for bankruptcy last August, confirmed on Tuesday it had won the financial backing from investors it needs to stay in business.

"ICO has received non-binding letters of intent for debtor in possession from strategic investors in excess of $225 million, the amount needed to finance the company's immediate cash needs,'' the company said in a statement on Tuesday.

It said the letters had been reported to the Delaware court handling the bankruptcy on Friday.

The Financial Times reported earlier on Tuesday that ICO expected to raise a further $975 million in two other fund-raising ventures to take place in coming months.

This would pave the way for the company to emerge from Chapter 11 protection from its creditors in the US bankruptcy code.

The total $1.2 billion would complete the financing of a project to provide a global phone service through a network of 12 satellites to be sent into orbit next year.

"ICO and its financial advisor Wasserstein Perella and Co. believe there is a reasonable assurance that the company can meet its financing requirements to begin global mobile satellite services, currently expected to start in April 2001,'' the statement said.

The venture has already raised $3 billion from about 60 investors as well as a further $120 million on the Nasdaq market, the Financial Times said.

"We have started to turn the corner with the new ICO and are pressing onward to emerge from Chapter 11, complete our system and start service,'' ICO's chief executive officer Richard Greco said in the statement.