Inmarsat issues default note to LightSquared
Tuesday 21 February 2012
The British satellite company Inmarsat said yesterday its partner LightSquared had missed a $56.3m (£35.5m) payment.
Inmarsat was scheduled to receive the payment from LightSquared, which is struggling to build a US mobile broadband service with Inmarsat's spectrum, after the completion of the first phase of their deal.
However, LightSquared said thepayment was not due until Inmarsat replies to several issues it had raised.
Inmarsat said it had issued a default notice to the US group, backed by the billionaire hedge-fund manager Philip Falcone, giving it 60 days to pay before it terminates the deal.
The satellite company said its core business, which provides communications to shipping, aircraft and remote locations worldwide, was unaffected, but could not provide any assurance that it would receive any more payments from LightSquared.
Last week, the US Federal Communications Commission said it planned to revoke permission for LightSquared to build its network after tests showed it would interfere with GPS used by airlines and others, fuelling speculation that bankruptcy could be lose for the group.
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Exclusive: Impact of immigrants on British workers ‘negligible’
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
The quiet diplomat: Catherine Ashton - recognised and admired in all the world’s troubled countries, yet ridiculed at home
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 1 Bad cattitude: Family call police after crazed and 'hostile cat with a history of violence' attacks baby before attempting to 'flee custody'
- 2 Family forced to flee home after discovering 'terrifying' nest of spiders in bananas
- 3 First Kiss: Filmmaker gets 20 strangers to make out on YouTube with awkward results
- 4 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 5 Bob Crow death: 'Admired by his members, feared by employers' - Tributes pour in for RMT union leader and 'working class hero' Bob Crow
iJobs Money & Business
£1000 per month: Inspiring Interns: The company works with Tier 1 FTSE 100 Ban...
£35000 - £60000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£60000 - £80000 per annum + BONUS + BENEFITS: Harrington Starr: A top, City ba...
VOLUNTARY ONLY - EXPENSES REIMBURSED : Reach Volunteering: Fantastic opportuni...