It's been a while since LightSquared had some good news to boast about, and it doesn't look like that situation's about to change anytime soon. The latest stumble for the company stems from its 2007 agreement with UK-based satellite operator and spectrum owner Inmarsat, which was due a $56.25 million payment from LightSquared that it has now defaulted on. For its part, LightSquared is laying some of the blame on Inmarsat, saying that it has "raised several matters that require resolution" before the first phase of the agreement comes to a close, and that "the terms of the agreement allow for additional time to resolve pending questions before phase one is complete and the final payment is due." This comes as the company faces a brick wall in the form of the FCC, which it has been struggling to get approval from and has recently been criticizing in increasingly blunt terms. Its full statement on the Inmarsat matter can be found after the break.
Continue reading LightSquared's troubles continue, company defaults on $56M payment to Inmarsat
LightSquared's troubles continue, company defaults on $56M payment to Inmarsat originally appeared on Engadget on Mon, 20 Feb 2012 13:21:00 EDT. Please see our terms for use of feeds.
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