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LightSquared misses $17.5 million Inmarsat cooperation deal payment
By Caroline Salls
Pittsburgh, Oct. 1 – LightSquared Inc. did not make a $17.5 million payment due to Inmarsat plc under a cooperation agreement, prompting Inmarsat to issue a notice of default, according to an Inmarsat news release.
Inmarsat said a $12.5 million phase two payment and a $5 million related payment were due on Sept. 30.
The company said the default notice triggers a period of 60 calendar days during which LightSquared can remedy the payment before Inmarsat is entitled to enforce its rights related to the payment default.
Inmarsat’s default-related rights include pre-agreed spectrum arrangements and termination of some of LightSquared rights under the cooperation agreement.
LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 12-12080.
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