LightSquared Files for Bankruptcy [Bloomberg]

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Embattled mobile broadband startup LightSquared has filed for Chapter 11 bankruptcy protection, Bloomberg reports.

The filing May 14 in U.S. Bankruptcy Court in Manhattan came after intense talks with creditors who wanted LightSquared backer Philip Falcone to step aside.

The Reston, Va.-based company listed debt and assets of more than $1 billion each in the filing.

LightSquared’s provisional license to build out an L-band wireless network serving North America was revoked by U.S. regulators because of concerns about GPS interference.

 

READ IT AT: [Bloomberg]