Monday, November 16, 2015

LightSquared: The Saga Continues

The saga of LightSquared continues as the company now moves to transfer control of its spectrum to new owners.  LightSquared is close to having U.S. regulators approve a deal that would see JPMorgan Chase & Co., among others, take over ownership of its airwaves, according to a Bloomberg report

FCC Chairman Tom Wheeler has reportedly told regulators they should approved the deal, which is a significant part of LightSquared emerging from bankruptcy. 
LightSquared's plans for a hybrid terrestrial, sattelite network was killed by the FCC over fears that such a network would interfere with GPS systems. That decision eventually forced the company into bankruptcy. 

A final decision on LightSquared's plans remains on the FCC's docket but there is no timetable for action on the matter. 

In March of this year, a judge approved LightSquared's restructuring plans, which led to a $1.4 billion cash payment to Dish CEO Charlie Ergen for a portion of LightSquared's debt he purchased.

The way things have shaken out are a far cry from the company's original vision of launching a wholesale broadband network that would sell  data to third-party retailers, MVNOs and handset makers. 

Story from: http://www.wirelessweek.com/news/2015/11/report-lightsquared-close-transferring-ownership-its-spectrum
 

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