Friday, 25 July 2014
Last updated 1 hour ago
Feb 22 2012 | 11:59am ET
LightSquared, the broadband wireless company backed by Philip Falcone’s Harbinger Capital hedge fund will cut its workforce by 45%.
"This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans," said the company in a statement published by Reuters on Tuesday.
Lightsquared, headquartered in Reston, Va., employs 330 people.
The Federal Communications Commission last week said it would block the rollout of LightSquared's planned network, citing tests showing that it interferes with global positioning systems. Harbinger and LightSquared dispute those findings and pledged to continue to work towards a solution.
Falcone has said the firm is not considering bankruptcy.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…