News

Company That Does Nothing Finds A Way To Plough Through $1.3 Billion

Lightsquared, come on down.

Philip Falcone’s LightSquared blew through another $55.4 million last month, bringing the company’s total losses to $1.3 billion since it filed for bankruptcy two years ago. In a monthly operating report filed Thursday with U.S. Bankruptcy Court in Manhattan, LightSquared again attributed a bulk of the losses to interest payments on its debt. In April, those payments totaled $36.9 million, bringing the amount of interest paid to $788.2 million since the wireless venture’s May 2012 Chapter 11 filing.

LightSquared Keeps Burning Cash [WSJ]

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