LightSquared To Lay Off Nearly Half of Employees [Reuters]

by

Startup mobile broadband provider LightSquared plans to cut 45 percent of its work force — about 150 employees — in a “prudent and necessary cost savings measure to ensure the long-term success of the company,” Reuters reported Feb. 21.

The Reston, Va.-based company learned Feb. 4 that the U.S. Federal Communications Commission would revoke its provisional operating license to build out an L-band wireless network because of concerns about GPS interference. On Feb. 20, LightSquared failed to make a scheduled $56 million payment to British satellite partner Inmarsat.

Despite its troubles, LightSquared is not considering bankruptcy, according to the Reuters report.

“The company remains committed to managing its core business operations, serving the more than 300,000 government, public safety and commercial users of its satellite service,” LightSquared said in a statement.

READ IT AT: [Reuters]