Falcone Weighing Bankruptcy for LightSquared
Philip Falcone, manager of the hedge fund that finances LightSquared, said he is considering filing for bankruptcy protection for the troubled broadband provider. LightSquared sought to use L-Band spectrum to provide a terrestrial LTE 4G mobile broadband network. The Federal Communications Commission blocked LightSquared's plans based on fears of interference with GPS systems. Since then, LightSquared has missed making several payments to Inmarsat and Sprint voided the company's planned network sharing agreement. Falcone said bankruptcy is not what he wants, and he still wants to make LightSquared work, but it may be his only option moving forward.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
RadioShack Weighing Bankruptcy
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million.
Pantech Files for Bankruptcy In the US
Pantech's U.S. operations filed for Chapter 15 bankruptcy today, following similar legal moves in the company's home market of Korea.
Pantech Puts Itself Up for Sale
Pantech, based in Korea, has staked a For Sale sign in its front lawn. The company, which declared the equivalent of bankruptcy last month, is seeking a buyer to scoop up the entire business.