Ailing LightSquare To Cut 45% Of Work Force As Regulatory Battle Rages On

Things are beginning to look even dimmer for LightSquared. Just one day after satellite network operator Inmarsat announced that LightSquared had defaulted on a $56 million payment, new reports indicate that the company plans to slash its workforce by 45% in an effort to cut costs and keep fighting. "This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue," reads a statement issued to Reuters.

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