Results for "lightsquared"

LightSquared files bankruptcy

LightSquared files bankruptcy

LightSquared has announced that it is officially filing for bankruptcy. The company had hinted that bankruptcy might be its next option in early April. The company has laid off many workers and still holds out hope that it might be able to resolve the concerns of US regulators who have so far blocked the wireless broadband network. The concerns about the LightSquared stem from harmful interference of its network with many GPS devices already on the market.

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LightSquared sacrifices director to save LTE scheme

LightSquared sacrifices director to save LTE scheme

Beleaguered would-be 4G carrier LightSquared could eke out an extension on its financing, if outspoken director Philip Falcone agrees to step down and concede to anti-bankruptcy provisions. LightSquared faces the expiration of a debt-terms violations waiver later today, but according to insiders whispering to the WSJ could extend that for a week if Falcone drops out of public sight. However, Falcone's presence isn't the only aspect worrying investors: there are also concerns that he could push for bankruptcy and leave lenders with nothing.

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LightSquared wins 2-year life bonus

LightSquared wins 2-year life bonus

It appears that LightSquared will have an extra 2-year window to earn regulatory approval for its LTE mobile network spectrum as Inmarsat cuts them a break in the face of almost certain doom. This company. LightSquared, has been seeking approval to use a combination of satellite and terrestrial signals for months now, being turned down by the FCC in the face of breaking down GPS signals. While the FCC's current position would otherwise mean LightSquared would not be able to survive the summer, the group from which they're renting spectrum now has granted them a reprieve until March 31st, 2014.

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LightSquared on the brink as Falcone considers bankruptcy

LightSquared on the brink as Falcone considers bankruptcy

Hedge fund manager Philip Falcone had big dreams for LightSquared. The original plan was for the company to provide wireless LTE broadband using frequencies very near those that GPS devices rely on. The idea sounded good at first and things are progressing rapidly until LightSquared came to the point where testing to be sure LightSquared devices wouldn't interfere with GPS begun.

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LightSquared puts on brave face as carriers abandon ship

LightSquared puts on brave face as carriers abandon ship

LightSquared's yanked Sprint deal has been confirmed, with the carrier announcing that it would indeed be returning $65m in prepayments and tearing up the fifteen year spectrum hosting agreement after the FCC blocked LTE roll-out plans. Rumored earlier today, the break-up leaves LightSquared without a significant backer as it faces continued regulatory opposition over concerns that its 4G broadband plans could interfere with GPS service. However, LightSquared argues that the news actually works in its favor.

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LightSquared loses carrier backing as LTE FCC defense prepared

LightSquared loses carrier backing as LTE FCC defense prepared

Beleaguered would-be LTE provider LightSquared faces another imminent set-back, insiders claim, with another high-profile investor supposedly set to cancel a contract after the FCC roadblocked network rollout. LightSquared will get $65m back in prepayments, the WSJ's sources say, when Sprint announces it is tearing up its agreement, with the decision expected to be made public today.

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LightSquared prepares to battle the FCC, hires two top lawyers

LightSquared prepares to battle the FCC, hires two top lawyers

Things have been looking bleak for LightSquared recently: the FCC denied it the ability to use its spectrum for an LTE rollout due to the risk of GPS being affected. LightSquared is also on the verge of running out of cash, having recently missed a payment on a $56 million loan from a British bank, and has also cut its workforce by 45%. Vowing not to go quietly into the night, LightSquared is reportedly getting ready to fight back.

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LightSquared dims as 45% of workforce is slashed

LightSquared dims as 45% of workforce is slashed

Things around the LightSquared offices have to be looking dim at this point. While the managers of the company continue to fight to get their proposed wireless 4G network approved, denials keep streaming in. LightSquared has announced that is having take rather drastic measures to save money and attempt to stay afloat. The company has announced that it is shedding 45% of its 330 person workforce.

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LightSquared blasts FCC over “bureaucratic irresponsibility”

LightSquared blasts FCC over “bureaucratic irresponsibility”

LightSquared has accused the FCC of "the height of bureaucratic irresponsibility" and of being the puppet of scheming politicians, as the company sees its 4G aspirations rapidly fade. Responding officially to the FCC ruling against the LightSquared's LTE plans earlier this week, the injured company argued that US government toadying to the GPS lobby damaged not only its own business but harmed "the American public."

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