LightSquared Files For Bankruptcy

LightSquared is a tech company who provides high speed wireless internet to customers around the U. S. After their service plans were thwarted by federal regulators the company has found themselves in financial trouble. Yesterday, LightSquared filed for Chapter 11 bankruptcy protection.

High Speed Relief

LightSquared Inc. is just one of several companies offering 4G wireless services to mobile customers around the nation. However, they are one of few who have been receiving scrutiny from federal regulators who are policing the operations of telecommunications businesses. With the Federal Communications Commission on the lookout for monopolizing airwave service providers, LightSquared has had little room for growth and expansion since its opening day.

Now that LightSquared has nearly 260 million people awaiting 4G services, the tech company is hoping that their Chapter 11 filing with provide breathing room from their near $2.5 billion in debts. Still waiting on FCC approval for permission to operate among the spectrum and grow the business as promised to investors, LightSquared could be looking at a year or more in bankruptcy before emerging as a key player in the industry.