LightSquared, the stricken LTE venture backed by billionaire hedge fund manager Philip Falcone, has paid outstanding dues of USD56.3 million to satellite operator Inmarsat, its frequency-holding partner in a proposed mobile broadband network project, which it defaulted on in February after the Federal Communications Commission (FCC) retracted support for the rollout plan.
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OVETEL LightSquared buys time: pays spectrum partner Inmarsat USD56m, suspends commitments for two years
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