Wireless network developer LightSquared filed for Chapter 11 bankruptcy protection yesterday. The company said this move will give it space to continue pursuing regulatory approval to provide wireless service to rural America. According to court documents, LightSquared lists between $100 million and $500 million in debt. It’s debt is spread out between 50 and 99 unsecured creditors.
The proposal from LightSquared to build a wireless network has drawn opposition from a wide variety of groups. Recently, the Federal Communications Commission revoked a waiver for the company to build a terrestrial telecommunications network because tests confirmed that LightSquared’s network would interfere with GPS systems, including precision-ag applications.
LightSquared said it plans to continue to pursue the project.
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