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LightSquared net loss grows to $121.51 million in December; sales fall
By Caroline Salls
Pittsburgh, Jan. 16 - LightSquared Inc. posted a net loss of $121.51 million for December on $2.55 million of revenue, according to its monthly operating report filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.
The figures showed a decline from the $55.56 million net loss reported for November on $2.63 million of revenue.
LightSquared said the December net loss included PIK interest and other non-cash items. Total cash disbursements during the reporting period totaled $13.14 million.
The company also reported cash and cash equivalents of $172.03 million as of Dec. 31, down from $183.51 million at the end of November.
LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 under Chapter 11 case number 12-12080.
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