They did go bankrupt, and Motorola (their original main funder) lost billions on the initial investment [0]. But shed of debt and reborn with new investors, they are now profitable [1]. They have now deorbited the first generation satellites, but since 2017 they have launched the Iridium NEXT constellation and that is what is functioning now [2].

[0] https://www.smithsonianmag.com/air-space-magazine/the-rise-a...

[1] https://www.wsj.com/articles/the-fall-and-rise-of-iridium-14...

[2] https://space.skyrocket.de/doc_sdat/iridium-next.htm