LightSquared Files For Chapter 11 Bankruptcy Protection | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-10.28.24

Airborne-NextGen-10.29.24

Airborne-Unlimited-10.30.24

Airborne-Unlimited-10.24.24

Airborne-Unlimited-10.25.24

Mon, May 14, 2012

LightSquared Files For Chapter 11 Bankruptcy Protection

Falcon: Best Option For The Company At This Time

After being rumored for months, LightSquared officially filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Manhattan Monday afternoon. The move came only hours before a deal to prevent the Internet start-up from defaulting on its debt was set to expire.

The company has had a tumultuous run. It set out to establish a nationwide wireless 4G data network delivered via satellite, but when it added high-powered terrestrial transmitters to the mix, it was found that the company's signals interfered with nearly every existing GPS device operating on adjacent frequencies. The FCC eventually blocked the company from moving forward with its plans, and despite being propped up by hedge fund manager Phillip Falcone, it could not recover.

The Wall Street Journal reports that Falcone told Harbinger Capital Partners that this was the best option for LightSquared, and that he still plans to build the high-speed broadband mobile network. The filing was " a necessary and appropriate decision by LightSquared to preserve its value," he said in a memo to investors obtained by the paper.

Bloomberg News reports that among the company's largest creditors are Boeing Satellite Systems and Alcatel-Lucent. LightSquared owes each over $7 million.

FMI: www.nysb.uscourts.gov

Advertisement

More News

Senator Pushes FAA to Accelerate Rocket Launch Licensing

States That Current Process is Damaging National Aerospace Development US Senator Jerry Morgan is pushing the FAA to speed up the process for rocket launch licensing. He argues tha>[...]

Classic Aero-TV: RJ Gritter - Part of Aviation’s Bright New Future

From 2015 (YouTube Edition): Model Aviator Aims For Full-Scale Career While at the 2015 Indoor Electric RC Festival, referred to as eFest, ANN CEO and Editor-In-Chief, Jim Campbell>[...]

Aero-FAQ: Dave Juwel's Aviation Marketing Stories -- ITBOA BNITBOB

Dave Juwel's Aviation Marketing Stories ITBOA BNITBOB ... what does that mean? It's not gibberish, it's a lengthy acronym for "In The Business Of Aviation ... But Not In The Busine>[...]

ANN's Daily Aero-Linx (10.27.24)

Aero Linx: Cardinal Flyers Online The Cardinal Flyers Online Web site was created and is maintained by me, Keith Peterson. My wife Debbie and I have owned a 1976 RG since 1985. Wit>[...]

ANN's Daily Aero-Term (10.27.24): Clearance Void If Not Off By (Time)

Clearance Void If Not Off By (Time) Used by ATC to advise an aircraft that the departure release is automatically canceled if takeoff is not made prior to a specified time. The exp>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC