LightSquared, once the darling of Sprint, is now a case study in how not to launch a wireless broadband network. After a series of missteps that led to the FCC rejecting its application for wireless service, the company is now on the verge of declaring bankruptcy.
According to a Wall Street Journal report, negotiations with the company’s creditors is not going well. Light Squared has until 5 PM Monday to work out a deal, but sources told the WSJ that the two sides are still far apart. If negotiations fail as expected, LightSquared will likely file for bankruptcy sometime next week.
This is a predictable end to a company that’s been slowly sinking ever since the thorny issue of LightSquared’s network and GPS interference reared its ugly head.
[Via The Wall Street Journal]