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Sprint Nextel to pull the plug on Lightsquared partnership
|16 марта 2012|
Wireless giant plans to return $65 million in prepayments to the foundering wireless broadband effort, according to The Wall Street Journal.Sprint Nextel plans to terminate its 15-year contract with the foundering wireless broadband effort on Friday and return $65 million in prepayments, according to The Wall Street Journal. The cancellation would leave Lightsquared without a major partner for its effort to build a national wireless broadband network using satellite spectrum.
Representatives for Sprint Nextel and Lightsquared did not immediately respond to a request for comment.
The move is just the latest in a succession of setbacks for the company. The Reston, Va., company suffered a possibly fatal blow in February when the FCC announced it would "suspend indefinitely" the startup's conditional waiver to operate after it was determined that LightSquared's interference with other devices, including GPS devices, was unavoidable.
While LightSquared vowed to fight on to win approval for the waiver from the FCC, the company's CEO, Sanjiv Ahuja, announced his resignation just two weeks later. That news followed the revelation that the company planned to slash its workforce by 45 percent to conserve cash.
However, the company's financial foundation has been in question lately too after it missed a scheduled payment to its satellite partner Inmarsat for spectrum it plans to use to build its network. Inmarsat said in February it hadn't received a $56.3 million payment from LightSquared.