LightSquared Pays $9.1 Million to Inmarsat
[Via Satellite 08-29-2014] Inmarsat has received a $9.1 million dollar Phase 2 quarterly payment from LightSquared within the 60 day contractual cure period. LightSquared’s July 2, 2014 notice of default was issued by Inmarsat following a missed payment.
As of July 1, LightSquared owed a quarterly Phase 2 payment of approximately $4.1 million along with an associated payment of $5.0 million. In May 2012 LightSquared filed for reorganization under Chapter 11 bankruptcy. The company has struggled to meet contractual payment deadlines. Inmarsat has warned investors that future payments are “subject to significant uncertainty,” and that there is no guarantee future payments will be received from LightSquared.