Investment bankers at Donaldson, Lufkin & Jenrette are under the gun in their effort to restructure $2.25 billion of debt for Iridium LLC, the global wireless phone provider.

DLJ and Iridium face a June 30 deadline imposed by bank lenders. Iridium announced this week that it had received a 30-day postponement on payments for an $800 million highly leveraged loan that was syndicated last December by Chase Manhattan Corp. and Barclays Bank PLC.

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