Wireless firm Lightsquared seeks bankruptcy
Lightsquared, a firm whose an ambitious high-speed wireless broadband venture was thwarted by US regulators, filed for bankruptcy protection on Monday, documents showed.
LightSquared, which is backed by Philip Falcone, founder and chief executive of Harbinger Capital Partners, planned to use satellite spectrum to build its its fourth-generation, or 4G, wireless broadband network.
But the Federal Communications Commission earlier this year revoked permission for LightSquared to build a 4G-LTE network that the company had said would cover more than 90 percent of the United States by 2015.
The FCC cited research done by the National Telecommunications and Information Administration (NTIA), the agency that coordinates spectrum use by the US military and federal government.
Among the creditors in the filing in US Bankruptcy Court in New York were Boeing, with a disputed $7.5 million owed, and Alcatel-Lucent, with $7.3 million.