Iridium LLC is close to reaching a restructuring agreement with debt holders, according to people familiar with the negotiations. The restructuring package involves offering 44 percent of the company's equity to holders of $1.45 billion of Iridium's debt, they said.

It also calls for a $400 million cash infusion from the Washington, D.C.-based satellite phone company's chief backer, Motorola Inc., along with a few other strategic investors. If debt negotiations aren't successful, Iridium could be pushed to bankruptcy as early as tomorrow. Though the company has so far indicated that bankruptcy is not a viable option, some analysts see that as the best route for the company.