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Inmarsat Reports Non-payment by LightSquared Under Cooperation Agreement
|20 февраля 2012|
The troubled USA based LTE network, LightSquared has missed a payment it was due to make to satellite operator, Inmarsat that was due as part of their radio spectrum agreement.Although LightSquared is having serious regulatory issues, and may even be prevented from launching its network at all, there were no suggestions that it might be having financial issues as well.
Under the Cooperation Agreement, LightSquared has been making a series of scheduled payments to Inmarsat in line with contractual milestones. A payment of US$56.25 million became due upon the completion of "Phase 1 transition" which has now occurred. This payment has not been received.
Inmarsat has now issued a notice of default to LightSquared under the Cooperation Agreement. This notice triggers a period of 60 calendar days during which LightSquared can remedy the payment before Inmarsat is entitled to enforce its rights and remedies under the agreement for payment default, including pre-agreed spectrum arrangements and termination of certain LightSquared rights under the Cooperation Agreement.
Inmarsat and LightSquared have entered into discussions regarding the future of the Cooperation Agreement, but Inmarsat cannot provide any assurance that these discussions will result in any further payments being received from LightSquared. The revenue generation of Inmarsat's core mobile satellite services and Inmarsat Solutions businesses remains unaffected by today's announcement.
Источник: Cellular news