AfterDawn: Tech news

LightSquared makes a payment, gets reprieve until 2014

Written by Andre Yoskowitz (Google+) @ 22 Apr 2012 17:34 User comments (1)

LightSquared makes a payment, gets reprieve until 2014 Inmarsat has confirmed it received a long overdue payment from LightSquared and will in turn suspend further payments until 2014.
The payment of $56 million will give the company some time as it hopes for regulatory clearance. LightSquared is looking to create a mobile network using Inmarsat's spectrum.

In February, LightSquared's plans took a huge hit when the FCC proposed that the new network would interfere with important GPS services used by the military, airlines and even truck drivers. The statement came after a year of testing.

The company is backed by Philip Falcone's Harbinger Capital Partners, which invested $2.4 billion of the company's $4 billion in assets into LightSquared. Falcone is likely to file for bankruptcy if clearance is not given, soon.

Inmarsat will now defer $129 million in payments until 2014, to give the company a reprieve.

Previous Next  

1 user comment

123.4.2012 12:59

And because the military is involved we still don't have any idea what the hell is going on... Other than a company that needs funds for operation is getting squeezed out or is full of shit & has been sucking the hind tit of the government for some time now & has been found out.

Either way we'll either see some progress from these guys or some major fallout for the funds thrown down a septic pipe.

Comments have been disabled for this article.

News archive