The saga of LightSquared continues as the company now moves to transfer control of its spectrum to new owners.
LightSquared is close to having U.S. regulators approve a deal that would see JPMorgan Chase & Co., among others, take over ownership of its airwaves, according to a Bloomberg report.
FCC Chairman Tom Wheeler has reportedly told regulators they should approved the deal, which is a significant part of LightSquared emerging from bankruptcy.
LightSquared’s plans for a hybrid terrestrial, sattelite network was killed by the FCC over fears that such a network would interfere with GPS systems. That decision eventually forced the company into bankruptcy.
A final decision on LightSquared’s plans remains on the FCC’s docket but there is no timetable for action on the matter.
In March of this year, a judge approved LightSquared’s restructuring plans, which led to a $1.4 billion cash payment to Dish CEO Charlie Ergen for a portion of LightSquared’s debt he purchased.
The way things have shaken out are a far cry from the company’s original vision of launching a wholesale broadband network that would sell data to third-party retailers, MVNOs and handset makers.
Filed Under: Industry regulations