Satellite TV provider will officially pull out of the race for the troubled wireless service provider as early as Thursday, the Wall Street Journal reports.
The Wall Street Journal reported Wednesday that the private equity firm Centerbridge Partners has a tentative deal to buy wireless broadband provider LightSquared out of bankruptcy in a deal worth $3.3 billion.
The FCC gives LightSquared the go-ahead to test a spectrum-sharing plan with a U.S. agency as it fights to build its nationwide wireless broadband network to compete with AT&T and Verizon Wireless.
The startup that won't give up recently filed a new proposal to the FCC to revive its plan for building a nationwide 4G LTE network to compete with AT&T and Verizon Wireless.
The company now faces possible bankruptcy as its options for survival dwindle and the one agency that could save it focuses on other spectrum-related matters.
Hedge funds want severe restrictions on the wireless satellite company's proposed use of $190 million.
The bankruptcy filing marks an end to an ambitious attempt to create an upstart provider of 4G LTE wireless services.
The move is designed to keep the foundering wireless broadband effort from defaulting on debt, people familiar with the matter tell The Wall Street Journal.
LightSquared, the beleaguered wireless operator, is not giving up on its plans to build a nationwide 4G LTE network. And it's calling on the FCC to take action.
Wireless giant plans to return $65 million in prepayments to the foundering wireless broadband effort over unresolved interference issues.