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LightSquared files Chapter 11 bankruptcy

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Tuesday, 15 May 2012

LightSquared files Chapter 11 bankruptcy



On May 14th LightSquared officially filed the paperwork to initiate Chapter 11 bankruptcy proceedings in Manhattan's US Bankruptcy Court. This date is almost a year since Sprint signed an agreement that would ensure a 15 year LTE relationship, however, fell through after LightSquared was unable to account for GPS interference. LightSquared was unable to convince the FCC that they could make the system work and the bankruptcy will void over $1.6 billion in debt they accumulated trying to fix their system. LightSquared has had quite the saga, however, with this turn it looks like their fate is finally sealed.   

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