Can't say it's striking us as any sort of surprise, but the seemingly destined-to-fail LightSquared just might be out of options. Aft getting a high-five from Sprint and plenty of attention for its initiatives within bringing yet another wireless option to America, those blasted GPS interference issues (or "professed" issues, depending on who you ask) eventually became too much to overcome. According to a cave in report retired of The Wall Street Journal, Philip Falcone's venture is seriously teetering by the edge of bankruptcy, as "negotiations with lenders to avoid a potential default faltered," according to the ever-present "people familiar beside the matter." Purportedly, the 2 sides have until 5PM solar day to strike a deal that'll keep the firm out of bankruptcy court (if you shall retract, it owes completed $1.6 cardinal dollars to various entities), but fixed newly however far apart these sides loiter, its fate seems all just sealed. We'll be keeping an ear to the ground for more, but do not go placing bets on yet other debt-term violation waiver.
WSJ: LightSquared 'preparing' for bankruptcy protection filing, final decision coming day originally appeared on Engadget on Star, 13 Might 2012 11:11:00 EDT. Please seat our position for use of feeds.
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The Partition Street Magazine | Email this | CommentsSource: http://www.engadget.com/2012/05/13/lightsquared-preparing-for-bankruptcy-protection-filing/
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