Printed from http://www.electronista.com

LightSquared files for bankruptcy

updated 03:28 pm EDT, Mon May 14, 2012

LightSquared

LightSquared, the company that attempted to build out a nationwide 4G network, has filed for bankruptcy in a Manhattan court on Monday. The project was met with resistance from regulators, who argued that the proposed spectrum would interfere with GPS signals. The company was facing other troubles, with its chief Philip Falcone, stepping down at the end of April at the request of the company's shareholders.

The company listed debt and assets of over $1 billion each. Falcone's hedge fund, Harbinger Capital Partners, had nearly $3 billion invested in LightSquared and owned nearly 74 percent as of January 27.

LightSquared tried to save the company by attempting to use spectrum currently used and controlled by the US Department of Defense, though this never materialized.

The failed company listed Boeing Satellite Systems, who was owed $7.5 million, and Alcatel-Lucent, who was owed $7.3 million, as some of its largest creditors. [via Bloomberg]



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Thecus N2310 NAS

For every computer user, there comes a point of critical mass in data storage. When it hits, external hard drives, USB sticks and DVD ...

iRig Pads

When it comes to mobile music products, IK Multimedia has positioned itself as one of the top suppliers. Right from the early days of ...

DoxieGo Portable Scanner

Sometimes, people need to scan things, but having a computer at hand to do so isn't exactly feasible. Maybe it's the home of a relativ ...

Sponsor

toggle

Most Commented

 
toggle

Popular News