LightSquared Files for Chapter 11 Bankruptcy

As expected, May 14th is indeed a dark day for LightSquared. The company has just filed paperwork in order to initiate Chapter 11 bankruptcy proceedings.LightSquared filed for bankruptcy today after its plan to deliver high-speed wireless to as many as 260 million people ran afoul of U.S. regulators, reports Bloomberg. LightSquared had until 5 p.m. ET today to work out a deal(Reuters) - LightSquared Inc , the startup telecommunications company bankrolled by hedge fund manager Philip Falcone, is expected to file for bankruptcy

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