The would-be communications wholesale giant LightSquared failed to pay $56.3 million to British satellite operator Inmarsat for a spectrum agreement between the two companies.
Inmarsat issued a notice of default allowing 60 days for the company to complete the payment, but LightSquared says there are several matters related to Inmarsat's obligations to the agreement that must be resolved. No details were provided on these obligations.
This incident comes less than a week after the FCC announced that it is blocking LightSquared's terrestrial nationwide broadband network, a devastating announcement to the company's entire business model.
Read more at Bloomberg.
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