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LightSquared has May net loss of $59.14 million, $1.58 million revenue
By Kali Hays
New York, June 13 – LightSquared Inc. posted a net loss of $59.14 million for May on $1.58 million in revenue, according to its monthly operating report filed June 13 with the U.S. Bankruptcy Court for the Southern District of New York.
In comparison, the company reported a net loss of $55.41 million for April on $1.47 million in revenue.
The company also reported cash and cash equivalents of $36.02 million million as of May 31, dropping from $57.46 million as of April 30.
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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