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Wireless startup LightSquared files for bankruptcy

Wireless broadband startup LightSquared files for bankruptcy; plan shot down on GPS concerns By The Associated Press

NEW YORK (AP) ' LightSquared Inc., which hoped to create an independent wireless broadband network in the U.S., has filed for bankruptcy protection.

Regulators blocked its plan this winter because of concerns that its transmissions would interfere with GPS navigation.

LightSquared hasn't given up on that plan. CEO Marc Montagner says the bankruptcy filing is intended to give the company some "breathing room" while it continues to work through its regulatory issues.

Reston, Virginia-based LightSquared listed assets and liabilities of more than $1 billion each in the filing Monday with the U.S. Bankruptcy Court for the Southern District of New York.

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