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Remember LightSquared? Of course you do, it was the noble yet doomed attempt to build a nationwide 4G LTE network. Days before Sprint dumped it, billionaire Philip Falcone's enterprise defaulted on a $56 million spectrum allocation payment to British satellite operator Inmarsat. Now LightSquared's biggest creditor has offered a stay of execution to give the company time to overcome the regulatory hurdles (we'd suggest praying Julius Genachowski gets another job elsewhere) and get the project back on track. Cynics might suggest it's only been given the breathing room because it's not worth being pushed into Chapter 7 bankruptcy, to which we say shame on you, you naughty cynics.

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LightSquared's Amended Agreement with Inmarsat Enhances Opportunities for Increased Competition and Universal Access to Broadband Wireless Coverage Across Entire U.S.

RESTON, Va.--(BUSINESS WIRE)--LightSquared announced today that it has reached agreement with Inmarsat to amend the Cooperation Agreement between the two companies.

This amended agreement provides LightSquared additional time and flexibility to use its spectrum to deploy a terrestrial 4G wireless network once all regulatory authorizations have been secured.

"This new agreement allows LightSquared an opportunity to focus its efforts on obtaining the necessary regulatory approvals to begin building the nation's first, coast-to-coast wireless broadband system," said Doug Smith, LightSquared's interim chief operating officer and chief network officer. "We remain committed to fulfilling our business vision to bring world-class wireless broadband connectivity to millions of Americans.

"The renewed partnership between LightSquared and Inmarsat strengthens the opportunity for consumers across the U.S. to obtain the benefits of increased competition that LightSquared will bring to the broadband wireless market, and the only viable opportunity for rural areas of the country to obtain access to reliable broadband wireless service."