LightSquared officially filed for Chapter 11 bankruptcy in Manhattan US Bankruptcy Court today.
----original post 5/14/12 7 am EDT ---
The Wall Street Journal (subscription required) is the source of comments by those in the know that it's unlikely that LightSquared and its funder will reach a deal on the company's non-payment of debts. LightSquared has until 5 p.m. Monday to negotiate a deal. If the deal is not reached, and an extension is unlikely, the company is expected to file for bankruptcy.
- PC World