LightSquared Nets Another $265M In Financing

Jul 5 2011 | 1:13pm ET

Despite a run of unfavorable test results, Harbinger Capital Partners' wireless venture was able to raise hundreds of millions more as it struggles to demonstrate its system can work without disrupting global positioning systems.

The Reston, Va.-based company, in which Harbinger has invested the bulk of its assets, raised $265 million from both new and exiting investors, it said today. The venture has now raised a total of $2.3 billion, more than half of the $4 billion it may need to build its ambitious network.

The Federal Communications Commission has required that LightSquared cover 260 million people by 2016, targets the company has pledged to easily beat.

Tests on LightSquared's network shows that it may interfere with GPS receivers, sometimes significantly. The company last week proposed a solution that it claims will resolve interference for about 99.5% of GPS devices and is awaiting FCC approval.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of