LightSquared posted a $48.1m loss in April, bringing the company’s total losses since its May 2012 bankruptcy filing to $660.8m. It attributed much of the deficit to interest payments on its debt, which totalled $31m in the month, bringing total payments during the bankruptcy period so far to $363.2m.
It also said it spent $1.1m for its spectrum reuse fee in April, bringing that total to $10.4m during its bankruptcy, plus restructuring charges of $1.2m, bringing that total to $27.5m since May 2012.
The amount it spends on its network could rise in the next three months, the period the FCC recently said it would allow LightSquared to share a band of spectrum with the National Oceanic and Atmospheric Administration (which uses the frequencies for its meteorological work) to test its technology.
The FCC said LightSquared would bear the costs of the test and would have to discontinue use of the spectrum if it interferes with NOAA work but the decision shows the agency’s eagerness to find alternative bands in which the LightSquared wholesale 4G plan ‘ seen as a potentially valuable boost to competition as it could support small and disruptive service providers ‘ could be revived.
LightSquared has until May 31 to file a plan of reorganization, which could include spectrum sale, and has sole control over its reorganization plan until July 15.