Monday, 25 July 2016
Last updated 19 min ago
Feb 1 2012 | 1:18pm ET
Harbinger Capital Partners' wireless Internet venture has won another crucial extension from its most important customer to get its network plans approved by federal regulators.
Sprint Nextel, which has agreed to help build and operate LightSquared's network, has given the company until the middle of March to win Federal Communications Commission approval. The six-week extension is the second Sprint has given the company, following a one-month extension at the end of last year.
Early last month, the two companies said they had agreed to put their $13.5 billion deal on hold until LightSquared wins regulatory approval. The company originally faced a Dec. 31 deadline to get that approval or face losing the Sprint deal.
"Sprint continues to support our business plan to bring wireless broadband," LightSquared said.
Harbinger has poured more than half of its assets into LightSquared, which has run into opposition from global positioning system manufacturers, which say the proposed network would interfere with GPS devices.