FCC can't guarantee approvals within LightSquared's required timeline

By Caroline Salls

Pittsburgh, Jan. 17 - The Federal Communications Commission said it cannot guarantee that it will complete an approval process in a timeframe required by LightSquared Inc.'s joint plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The FCC said LightSquared's plan requires its approval of six specific items. That approval is a condition to effectiveness of the plan, and, if the plan does not take effect by Dec. 31, 2014, it will be null and void.

"The FCC is not in a position to confirm whether it will able to complete the work required to act on each of the conditions specified in the FCC exit condition before Dec. 31, 2014," the filing said.

"It is also impossible to predict what decisions the commission may reach on these matters."

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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