Tuesday, 1 September 2015
Last updated 31 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…