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Ligado Networks Enters Bankruptcy Amidst 5G Expansion Challenges

share-iconTuesday, January 07 comment-icon2 weeks ago 8 views
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reutersREUTERS
Ligado Networks Enters Bankruptcy Amidst 5G Expansion Challenges

Credited from: REUTERS

  • Ligado Networks LLC has filed for bankruptcy in Delaware in an effort to reduce its $7.8 billion debt.
  • The bankruptcy follows the U.S. government's blockage of Ligado's planned expansion into land-based 5G services.
  • Ligado had heavily invested in expanding its mobile 5G network based on a 2020 FCC permit, which was later hindered by the Department of Defense's concerns over GPS interference.
  • A majority of Ligado's lenders agreed to convert the debt into equity, potentially lowering total debt to $1.2 billion.
  • Ligado will continue operating and providing mobile satellite services during its restructuring process while pursuing ongoing litigation against the U.S. government.

For more details, visit the full article here.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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