Thursday, 25 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.