LightSquared appoints new CEO
LightSquared today announced that it has appointed Doug Smith as its new chairman of the board and CEO.
Smith was previously serving as co-chief operating officer for the company.
Smith said LightSquared remains committed to working with all stakeholders to find an equitable resolution to the regulatory challenges that the company has faced this past year.
“We are very confident that working together, we can provide the American public with both a protected and robust GPS system while enabling LightSquared to offer consumers and businesses more choice and a lower-priced 4G wireless alternative they need and deserve,” Smith said.
Smith is sure to have his work cut out for him. LightSquared filed Chapter 11 bankruptcy protection after its failed bid to get regulatory approval for its wholesale-only LTE network . The company reported assets and debts each exceeding $1 billion.
The GPS industry argued that LightSquared’s satellite network would interfere with mission-critical services, and the FCC in February moved to block it from moving forward after the National Telecommunications Information Administration concluded there was no practical way to mitigate potential interference.
LightSquared’s main backer is Philip Falcone and his hedge fund Harbinger Capital Partners.