updated 07:00 pm EST, Tue February 21, 2012
LightSquared slashes jobs to last longer
LightSquared took big steps Tuesday to shore up its finances to brace for a long-term struggle over GPS interference claims with its 4G. The company planned to cut 45 percent of its 330-person workforce. In a statement, the LTE hopeful made clear that it was to buy time for the company to challenge the FCC and potentially get its network running.
"This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue," the company wrote.
Despite rumors of LightSquared being unable to continue past spring, the fledgling network isn't expected to declare bankruptcy or otherwise close shop soon. The firm had publicly said that it could last for several quarters or more. [via Reuters]