LightSquared files for bankruptcy

LightSquared has filed for bankruptcy, saying it will seek to resolve the concerns of U.S. regulators who thwarted the company’s plan to build a nationwide high-speed wireless network that tests showed interfered with GPS signals. According to a Bloomberg report, LightSquared listed assets of $4.48 billion and debt of $2.29 billion in the bankruptcy filing, which is “intended to give LightSquared sufficient breathing room to continue working through the regulatory process that will allow us to build our 4G wireless network,” Chief Financial Officer Marc Montagner is quoted in the report.