lightsquared

LightSquared reportedly reaches agreement on bankruptcy loan

LightSquared has reached an agreement over a bankruptcy loan from a group of lenders and intends to continue to fight for millions more, the Dow Jones news service reported.

After declaring bankruptcy last month, the company negotiated with a group of hedge funds holding more than $1 billion of LightSquared's debt. The lenders want "severe restrictions" placed on $190 million of cash LightSquared would like to use to hold itself up during bankruptcy, according to Dow Jones.

LightSquared intended to be a neutral wholesale provider of 4G LTE service, giving companies an alternative partner for super-fast wireless … Read more

Sprint Nextel to pull the plug on LightSquared partnership

The bad news keeps coming for LightSquared.

Sprint Nextel plans to terminate its 15-year contract with the foundering wireless broadband effort on Friday and return $65 million in prepayments. The deal's cancellation--first reported by the Wall Street Journal--would leave LightSquared without a major partner for its effort to build a national wireless broadband network using satellite spectrum.

Sprint confirmed the cancellation, indicating that its move was a response to concerns that LightSquared's proposed network would interfere with other devices.

"Due to these unresolved issues, and subject to the provisions of the agreement, Sprint has elected to exercise … Read more

LightSquared's deal with Sprint further falters

If the Federal Communications Commission suspending LightSquared's initial approval waiver yesterday weren't enough, the fledgling wireless network was dealt another blow today. Its deal with Sprint Nextel may fizzle.

Sprint said it would have to return $65 million to LightSquared if the wireless venture failed to get FCC authorization by a mid-March deadline, according to The Wall Street Journal. Sprint set this deadline last month with the announcement that if LightSquared doesn't get FCC approval by mid-March then the carrier would terminate its agreement with the company.

Last July, in a 15-year arrangement to push 4G, LightSquared … Read more

LightSquared tries to appease GPS opponents

LightSquared said today it has launched a program focused on smaller communities with the intent of preventing any interference between GPS systems and its planned wireless network, another move to placate opponents of the rollout.

LightSquared, which is building a 4G network and will offer services to other companies on a wholesale basis, said it has started the Empower Rural America Initiative. The group will work with small communities on the GPS issue, help develop filters that would prevent interference, address concerns from those small towns, and help widen the adoption of broadband service.

LightSquared, which is owned by Philip … Read more

Talk about pressure

Links from Monday's episode of Loaded:

Google compiles pre- and post-earthquake images of Japan

AT&T allows U.S. customers to call and text to Japan for free through the end of March

Rumors circulated over the weekend of a new Google social network called Circles

Sony temporarily shuts down Final Fantasy MMO games to help Japanese utility companies save power

Netflix is not interested in selling movies

GPS manufacturers protest the LightSquared broadband spectrum

The iPad 2 sold like gangbusters this weekend

A new iPhone app mocks your performance in the bedroom

Buzz Out Loud 1274: Facebook welcomes 500th user (podcast)

500 millionth, actually... but one of the press kits had an embarrassing typo in it. Also, everybody who makes slates is dropping Windows (except HP), we now have lasers shooting down airplanes, and a flashlight for the iPhone is actually a secret tethering app.