Inmarsat receives LightSquared payment
29 August 2014 |
UK-based satellite provider Inmarsat has received a delayed quarterly payment of $9.1 million from its US partner, LightSquared.
Inmarsat issued a notice of default on July 2 2014 for the unpaid dues and the payment has now been paid within the 60-day contractual cure period.
The two companies are in a joint venture to create a new US mobile network using Inmarsat’s spectrum, but Inmarsat said that there was significant uncertainty of any further payments from the bankrupt LightSquared.
LightSquared is still struggling to reorganise its operations following a collapse into bankruptcy in May 2012.
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