After what feels like an eternity of drama, a drawn-out fight with US regulators, a failed attempt to provide LTE to Sprint, and the planned exit of its CEO, LightSquared has finally bowed to the inevitable and filed for bankruptcy, reports Bloomberg. The move comes just over a month after the company declared that it was "seriously considering" filing, when CEO Philip Falcone said that the move would allow the company to gain more time to deal with its creditors.
LightSquared declared it had around $1 billion in assets and an equal amount in debt, reports Bloomberg, however Falcone's Harbinger Capital has poured over $3 billion into the company. LightSquared listed a large list of creditors headlined by Boeing and Alcatel-Lucent with near $7.5 million in debt. It has received a smattering of extensions from its creditors, but time finally appears to have run out for LightSquared. Given how many turns there have been in this story so far, this latest news isn't necessarily the final chapter in the saga — LightSquared still own plenty of spectrum that it could sell off and there's no shortage of companies hungry for spectrum of any kind right now.