The U.S. Federal Communications Commission (FCC) approved LightSquared’s Change of Control application, paving the path toward emergence from Chapter 11 as well as the installation of new leadership committed to collaborating with industry and government to spur economic growth by bringing the company’s mid-band spectrum to market.
The company described the FCC grant as a significant milestone. LightSquared originally filed for bankruptcy protection in May 2012, and its reorganization plan was confirmed by Judge Shelley C. Chapman on March 26, 2015.
“We are very appreciative for today’s FCC action which will allow LightSquared to begin anew and recommit to work with all stakeholders to resolve important technical matters, identify necessary solutions, and remove regulatory uncertainty that the company has faced over the past three and-a-half years,” said Doug Smith, LightSquared chief executive officer. “We will emerge from restructuring with new owners representing some of the world’s top investors, and they have committed significant new capital to give the company the runway it needs to grow and operate the business. The new Board of Directors will be a group of highly-skilled and deeply experienced individuals, and I am excited to work alongside each of them to reach consensus and enable use of this mid-band spectrum.”
http://www.fcc.gov
- LightSquared acquired a block of spectrum (1525-1559 MHz) in the L-Band and sought to build a nationwide 4G-LTE network integrated with satellite coverage but ran into objections of potential interference, financial and legal difficulties.
