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LightSquared may run out of cash by spring

updated 06:25 pm EST, Mon December 19, 2011

LightSquared 4G said in danger of closing shop

New details have suggested that LightSquared might run out of money by mid-2012. A copy of the 4G provider's financial statement obtained by Reuters showed that it was worried it couldn't stay a "going concern" past the spring without extra finances. LightSquared has lost $427 million so far this year

In a response, a representative said LightSquared had money for the "next several quarters," although it's believed it can only definitively last until the FCC decides whether or not GPS interference issues are enough to stop the network. LightSquared has blamed GPS makers for abusing their frequency access to overstep into LightSquared's own licensed space.

A collapse for LightSquared would have a ripple effect among a large number of small startup carriers hoping to use its LTE access. Sprint also has a multi-billion dollar deal to help manage some of LightSquared's network, and Sharp was basing its mobile revival on having the fledgling 4G network.



By Electronista Staff
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