TerreStar Mulling Bankruptcy
According to sources cited by the Wall Street Journal, satellite communications company TerreStar is on the verge of filing for bankruptcy. TerreStar provides satellite coverage over much of North America, and in September of this year launched its first handset in cooperation with AT&T. The handset uses AT&T's network where AT&T provides coverage, but can fall back on TerreStar's satellite network when in areas not covered by AT&T. TerreStar has one satellite in orbit and is planning to launch another. The Journal's sources indicate that TerreStar is burning through cash, and is already working with its creditors to come to terms with filing bankruptcy. One of TerreStar's initial investors was Philip Falcone, who is now backing LightSquared, a company planning to launch a nationwide Long Term Evolution network. The Journal says that TerreStar could file for Chapter 11 bankruptcy protection as early as this week.
Garmin inReach Brings Satellite Messaging to Your Phone
Garmin this week announced its inReach series of satellite communicators. These standalone handheld devices can also be paired with any Android, iOS or Windows 10 smartphone to provide satellite-based text messaging and GPS mapping on your phone even where there is no cellular coverage.
Essential Moves Closer to Phone Debut, But Still No Date
Essential Products says it will reveal the launch date of its PH-1 smartphone within one week, according to the Wall Street Journal. The company first said the phone would launch within 30 days of its initial debut, which took place back in May.
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.
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.