LightSquared might opt for voluntary bankruptcy, Falcone says
- By Defense Systems Staff
- Apr 09, 2012
The latest chapter in the continuing saga of the struggling telecom startup LightSquared might best be titled: voluntary bankruptcy, Reuters reported April 5.
Hedge fund manager Philip Falcone said in an April 4 interview that he is giving serious consideration to filing a voluntary bankruptcy for LightSquared, which would give the company more breathing room to deal with communications interference issues that have arisen with the planned buildout of a nationwide wireless broadband network.
The Federal Communications Commission in February withdrew a conditional waiver that allowed LightSquared to begin building out its mobile network after tests showed that LightSquared’s planned network would interfere with crucial satellite systems used for critical services, such as flight safety, military intelligence and warfighter communications, the story said.