Their plan was big: create a nationwide wireless 4G LTE network, a wholesale signal that could be sold to regional wireless carriers to increase competition in the market and speed the development of mobile broadband in the United States. But LightSquared ran into problems over the system's close proximity to GPS signals used by planes and personal devices.
FOX News Radio's Lisa Brady reports LightSquared has now filed for bankruptcy:
Their big dreams ran into technical difficulties, but LightSquared remains determined to create an independent wireless broadband network in the U.S. The CEO, saying Chapter 11 is aimed at "breathing room," while they try to iron out the regulatory issues.
The bankruptcy filing comes just months after Federal regulators blocked the plan over the network's possible interference with GPS signals. Virginia-based LightSquared, listing more than $1 billion each in assets and liabilities.
Lisa Brady, FOX News Radio.