LightSquared managed to rustle up $265 million in new capital, pushing its total funds raised to more than $2.3 billion, or around one-third the $7 billion it had originally announced it would need to launch its hybrid terrestrial/satellite network. LightSquared has since noted that it would need up to $14 billion to fund its network and operational plans through the end of the decade.
LightSquared said the new funding came from existing and new investors to the company.
The funding news comes on the heels of LightSquared filing a modified spectrum plan with the Federal Communications Commission last week that calls for the company to use a different block of spectrum for the initial launch of its network in order to avoid interference issues with GPS systems. With the filing, LightSquared said it remained committed to covering 260 million potential customers with its terrestrial network by the end of 2015.
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