LightSquared, the ill-fated USD7 billion open-access Long Term Evolution (LTE) venture backed by billionaire hedge fund manager Philip Falcone, has reportedly failed to pay the USD56 million it owes to British satellite partner Inmarsat for the use of its radio spectrum in the US. With the first phase of their deal drawing to a close, Inmarsat has issued LightSquared a default notice, giving it 60 days to pay before it terminates the deal
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OVETEL Ailing LightSquared fails to pay Inmarsat; sacks 45% of workforce
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