Andre Yoskowitz
16 May 2012 0:09
The expensive, failed wireless network project LightSquared has filed for bankruptcy protection.
LightSquared, which had been hoping to deliver a 4G network to over 200 million people in the U.S., was blocked by U.S. regulators. After testing and research, it was found the LightSquared network interfered with critical GPS networks used by police and emergency officials.
The company was allowed to manage the $15 million remaining it has in cash whilst in bankruptcy, as it is the only money that is not owed to lenders. The cash is expected to take the company until mid-July.
Overall, the company owes over $2.29 billion outstanding to different lenders.
Mainly thanks to spectrum, the company does have listed assets of $4.48 billion.