Falcone's LightSquared Files for Bankruptcy

LightSquared, the wireless startup backed by hedge fund manager Philip Falcone, on Monday filed for Chapter 11 protection. The company and many affiliates filed for protection from creditors with the U.S. ...

(Reuters) - LightSquared, the wireless startup backed by hedge fund manager Philip Falcone, on Monday filed for Chapter 11 protection.

LightSquared, the troubled wireless communications venture backed by hedge-fund manager Philip Falcone, today filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code. The filing was made in Federal court in lower Manhattan. The filing was not a big surprise. The New York Times notes that bondholders had given LightSquared a deadline ...

A startup backed by hedge-fund manager Philip Falcone that aimed to provide wholesale wireless service is reportedly preparing to file for bankruptcy protection.

LightSquared filed for bankruptcy-court protection as a deal to keep hedge-fund manager Philip Falcone's venture from defaulting wound down.