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LightSquared buys some time with $56.25m Inmarsat payment

23 апреля 2012

Would-be U.S. LTE network operator LightSquared has brokered a deal with satellite partner Inmarsat that includes the payment of an outstanding invoice and an accord to put the pair's cooperation agreement on ice for two years.

LightSquared has paid the US$56.25 million it owed to Inmarsat under phase one of their cooperation pact. It had defaulted on the payment in February, after U.S. regulator the FCC withdrew support for its planned mobile broadband network. Under the cooperation agreement LightSquared had licensed spectrum from Inmarsat for use by that network.

Friday's announcement suggests LightSquared remains hopeful that it may be able to resurrect the proposed network.

Inmarsat has agreed to suspend phase two of the cooperation agreement until 31 March 2014, although LightSquared retains the right to restart the second phase prior to this date.

"The amended terms of the cooperation agreement will allow LightSquared additional time to secure regulatory consents that may ultimately lead to the deployment of its ATC [ancillary terrestrial component] network in North America," Inmarsat said in a statement.

"The deployment of the LightSquared network remains a substantive revenue opportunity for Inmarsat, through phase two of the cooperation agreement, and Inmarsat believes this amendment is in the best interests of Inmarsat's shareholders," it added.

LightSquared will not be required to make any payments to Inmarsat during the period of suspension, including the unpaid $29.6 million sum that was due on 31 March. The pair have agreed a restructured payment plan for phase two, if and when it restarts.

Источник: Total Telecom

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