LightSquared defaults on Inmarsat payment

(Reuters) - Satellite firm Inmarsat said its partner LightSquared, a venture struggling to build a U.S. mobile broadband service with Inmarsat's spectrum, had failed to pay a $56.25 million instalment to the British company. Inmarsat was scheduled to receive the payment from LightSquared after the completion of the first phase of their agreement. However, LightSquared said final payment was not yet due until Inmarsat replies to several issues that it had raised. "LightSquared has raised several matters that require resolution before the first phase comes to a close," it said in a statement. ...

Source: http://news.yahoo.com/lightsquared-defaults-inmarsat-payment-075246626.html

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