Troubled LightSquared Files for Bankruptcy
, whose proposed mobile satellite-terrestrial broadband network was blocked earlier this year by U.S. regulators over GPS interference concerns, filed for Chapter 11 bankruptcy protection May 14.
LightSquared currently generates about $30 million in annual revenue and has about 300,000 customers, according to bankruptcy documents. The company has one large L-band satellite on orbit.
As of Feb. 29, LightSquared had $4.48 billion in assets and $2.29 billion in liabilities while employing 168 people.
Jeff Carlisle, LightSquared vice president for regulatory and public policy, said May 17 the bankruptcy filing does not signal an end to the company’s efforts to deploy a mobile broadband network serving North America.