LightSquared files for Chapter 11 bankruptcy
http://j.mp/JSrv4n (Bloomberg)
"LightSquared Inc. filed for bankruptcy, saying it will seek to resolve
the concerns of U.S. regulators who thwarted the company's plan to
deliver high-speed wireless to as many as 260 million people.
LightSquared, based in Reston, Virginia, listed assets of $4.48
billion and debt of $2.29 billion as of Feb. 29 in a Chapter 11 filing
today in U.S. Bankruptcy Court in Manhattan. The filing followed
intense negotiations with creditors, who had requested that the
company's backer, Philip Falcone, step aside. Falcone and the current
management team will remain with the company, Terry Neal, a
LightSquared spokesman, said today."
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--Lauren--
Lauren Weinstein ([email protected]): http://www.vortex.com/lauren
Co-Founder: People For Internet Responsibility: http://www.pfir.org
Founder:
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- Network Neutrality Squad: http://www.nnsquad.org
- Global Coalition for Transparent Internet Performance: http://www.gctip.org
- PRIVACY Forum: http://www.vortex.com
Member: ACM Committee on Computers and Public Policy
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Tel: +1 (818) 225-2800 / Skype: vortex.com
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