LightSquared Wins Reprieve from Inmarsat
LightSquared and Inmarsat have amended their agreement such that LightSquared will be allowed to suspend making payments to Inmarsat until April 1, 2014. LightSquared was required to make the final Phase 1 payment of $56.25 million to Inmarsat, and the companies have agreed to suspend Phase 2 and all the associated payments until March 31, 2014. Before the terms were amended, LightSquared was in default on several payments to Inmarsat. These new terms give LightSquared some financial relief as well as more time to win regulatory approval to use the L-band spectrum for a terrestrial LTE 4G mobile broadband network. The Federal Communications Commission blocked LightSquared's plans in February. LightSquared is fighting the FCC's decision.