LightSquared files for bankruptcy
The company reported debts and assets of more than $1 billion.
LightSquared filed for bankruptcy on Monday, just hours before a deal ran out that would have kept the company from defaulting on its debt, The Wall Street Journal reported.
LightSquared reported both debts and assets in excess of $1 billion in the Chapter 11 petition filed with the U.S. Bankruptcy Court in Manhattan.
The company, which was stymied in its bid to build a high-speed wireless broadband network, has been teetering on the edge of bankruptcy.
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