LightSquared is proposing a new bankruptcy exit plan with financing from Fortress Investment Group and other backers, as the U.S. wireless communications company seeks to avoid a sale to highest bidder Dish Network Corp.
Satellite company Orbcomm has teamed up with sensors specialist Savi Technology to develop new location-based monitoring services for government and commercial markets.
The two companies have already submitted a proposal to the US Army to develop RFID tags and satellite solutions for military logistics support.
Beleaguered mobile broadband operator LightSquared has filed a “reorganization plan” with the US Banktupcy Court in Manhattan that proposes a sale of assets as a means of overcoming its difficulties, reports Dow Jones Newswires.
The operator filed for bankruptcy protection in May 2012, following a government ruling that its spectrum would interfere with global positioning systems, and since then has made concessions on spectrum sharing that it hopes will convince authorities its network can be used.
Philip Falcone's Harbinger Capital on Friday sued agricultural equipment maker Deere & Co and Global Positioning System companies and groups for damages of $1.9 billion as it looks to recoup its investment in bankrupt wireless company LightSquared.
M2M MVNO RACO Wireless has completed the acquisition of location-based services specialist Position Logic in a move aimed at improving its managed services offer to M2M customers.
Position Logic’s (Naples, FL, USA) technology allows enterprises to track and manage their assets through a web-based platform and the company claims it can integrate virtually any signaling device into its software to provide real-time monitoring across the globe.
Telenor Connexion has announced a partnership with the maker of what it calls “the world’s smallest and smartest GPS tracker”.
Wonder Technology Solutions (WTS), a Swedish start-up, has developed a smart device called the Trax designed specifically, it seems, for parents and pet owners.
Given its size and weight, the Trax can easily be attached to a child’s clothing so that concerned parents can monitor the whereabouts of loved ones at all times.
Pet owners could similarly fit the device to the collar of a dog or cat.
Embattled US operator LightSquared (Reston, USA) has asked the Federal Communications Commission (FCC), the US telecoms regulator, for permission to continue using frequencies that do not interfere with GPS systems while authorities address their concerns about its other spectrum holdings, according to Dow Jones Newswires.
A US House panel is investigating whether the country’s telecoms regulator rushed through its approval of LightSquared’s application to operate a wireless network in early 2011, according to a report from Dow Jones Newswires.
LightSquared (Reston, USA) was subsequently stopped from providing services owing to concerns that its technology interferes with GPS signals transmitted by the airline industry, among others.
The company filed for Chapter 11 bankruptcy protection in May and is fast running out of cash while its network goes unused.
U.S. Bankruptcy Court Judge Shelley C. Chapman this afternoon extended a critical document discovery deadline in the LightSquared
The deadline was extended to September 28 from September 11 in U.S. bankruptcy court, effectively allowing the parties involved more time.
A group of lenders holding over $1.08 billion of secured debt at LightSquared LP, the company's main operating subsidiary, seeks to investigate the propriety of a $279 million loan extended to the holding company for LightSquared last July.
Navtrak (Salisbury, USA), which supplies GPS technology for fleet-management services, has been acquired by Software-as-a-Services (SaaS) company Telogis (Aliso Viejo, USA).
Telogis says the takeover will strengthen its position in the market for location-based services.