LightSquared Files for Bankruptcy

LightSquared Inc. filed for bankruptcy, which is probably the end of its plans to deploy a high-speed wireless network that would reach to as many as 260 million people.

LightSquared, in a statement, said the company plans to continue its normal operation through the process, and still plans to build its 4G LTE network.

"Today's filing was not an option the company embraced quickly or easily, but it was necessary to protect LightSquared against creditors who were looking for a quick profit, as opposed to our goal to create long-term market competition, job creation, and the promise of wireless connectivity for every American," Mr. Falcone said Monday in a statement.

Bankruptcy "is intended to give LightSquared sufficient breathing room to continue working through the regulatory process that will allow us to build our 4G wireless network," Chief Financial Officer Marc Montagner said in a statement.

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