LightSquared plans to lay off 45% of its staff

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LightSquared announced on Tuesday that the company plans to cut its workforce by 45% in an effort to cut costs. ”This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans,” the company said in a statement to <em>Reuters</em>. Last week, the <a href="http://www.bgr.com/2012/02/15/fcc-to-block-rollout-of-lightsquared-4g-lte-network/">FCC announced that it would block the company’s planned 4G LTE network</a> due to issues concerning GPS interference. LightSquared currently employs 330 people and according to <em>Reuters</em>, the company is not currently considering bankruptcy.<span id="more-127994"></span>

<a href="http://www.reuters.com/article/2012/02/21/us-lightsquared-idUSTRE81K1XN20120221">Read</a>

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Via BRG - Boy Genius Report