In a move that could indicate future plans, LightSquared announced that it has hired Marc Montager as chief financial officer. Montager was previously with SkyTerra, a company absorbed into LightSquared’s current operations, and has an extensive history in mergers and acquisitions.
Montagner will report to LightSquared Chairman and CEO Sanjiv Ahuja and oversee the company’s daily financial operations as well as investor and bondholder relations.
Montagner previously served as a managing partner at merger and acquisition advisory firm Dupont Circles Partners; as managing director and co-head of the Global Telecom, Media and Technology Merger and Acquisition Group at Banc of America Securities; and as senior vice president of corporate development and mergers and acquisitions for Sprint Nextel, where he was involved with Sprint’s $35 billion acquisition of Nextel Communications.
LightSquared, which is controlled by investment firm Harbinger Partners, has reportedly run into funding concerns. The company noted during a conference call late last year that it currently had enough funding on hand for operations through the next several quarters.
LightSquared recently garnered some good news when Sprint Nextel reportedly provided a 30-day extension for its attempt to gain Federal Communications Commission approval to use its 1.6 GHz spectrum to offer wireless services. That spectrum has been tied up with potential interference issues with some GPS systems. LightSquared signed a 15-year deal with Sprint Nextel to host its spectrum assets assuming it could gain government access to its spectrum.
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