LightSquared, the capital venture whose plan to build a wireless network imploded because its technology blocked GPS signals, may file for bankruptcy, said published reports.
Several news organizations reported this week that the hedge-fund-financed company, of Reston, Va., has until April 30 to persuade bondholders not to pull the plug, despite big losses in 2011 and a Federal Communications Commission order in February revoking the networks conditional network approval.
Philip Falcone, manager of the hedge fund that has invested about $3 billion in LightSquared, said that a voluntary bankruptcy might be a way to keep the company alive in a bid to complete the network, reports said. He was also reported looking into signal-filtering technology to solve interference problems.
The Reuters news service reported that creditors of Falcones Harbinger Capital Partners might force LightSquared into bankruptcy if he cannot forge a deal by the end of April. The report said several other hedge funds were considering holding LightSquared in default of a $1.6 billion loan.
Read the rest of the article at Aviation Pros
No comments:
Post a Comment