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LightSquared net loss grows to $54.07 million in October; sales fall
By Caroline Salls
Pittsburgh, Nov. 15 - LightSquared Inc. posted a net loss of $54.07 million for October on $2.8 million in revenue, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The figures showed a decline from the $51.35 million net loss reported for September on $3.59 million in revenue.
The company also reported cash and cash equivalents of $195.22 million as of Oct. 31, down from $205.06 million at the end of September.
LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 under Chapter 11 case number 12-12080.
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