shrug-l: LightSquared: back in the news - filing for bankruptcy
tcorbin at egisassociates.com
Tue May 22 10:32:34 EDT 2012
I know many of us have been following this debate for a long while not.
Looks like we will not have to replace our GPS equipment just yet.
-news-filing-for-bankruptcy/> LightSquared: back in the news - filing for
May 16, 2012 by Susan Smith
LightSquared Inc. recently had lost the approval of the Federal
Communications Commission to convert airwaves originally designated for
satellite service to spectrum for land-based radio towers in February. The
FCC withdrew approval for the company's network after government tests found
that the signals would interfere with global-positioning systems. Now
Lightsquared has 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."
According to the story, 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. Besides its head to
head battle with the FCC, Lightsquared has had financial difficulties.
Creditors have requested that the company's backer, Philip Falcone, step
aside. In spite of that request, Falcone and the current management team
will remain with the company, according to company spokesmen.
Bankruptcy "is intended to give LightSquared sufficient breathing room to
continue working through the regulatory process that will allow us to build
our 4G wireless network," Chief Financial Officer Marc Montagner said in a
statement. Reaching agreements with U.S. agencies may take as long as two
years, he said in court papers.
Historical coverage of LightSquared in GISVoice:
. Controversial LightSquared goes before House subcommittee
. Going where no GPS has gone before
Tripp Corbin, MCP, CFM, GISP | Chief Executive Officer
<http://www.egisassociates.com/> eGIS Associates, Inc.
tcorbin at egisassociates.com | www.egisassociates.com
678-710-9710 ext 21 | 866-304-3864 Fax
Esri Certified Trainer | Esri Certified Desktop Associate
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the SHRUG-L