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LightSquared Secures Additional Funding for 4G Network

LightSquared said Tuesday it has secured $265 million in additional financing for its proposed wholesale 4G LTE wireless broadband network.

LightSquared has a waiver from the FCC to use its satellite spectrum for terrestrial service, but after testing confirmed potential interference to GPS in adjacent spectrum, LightSquared has modified its proposal to try and assuage its critics, including in the government.

LightSquared says it has raised $2.3 billion in the past 12 months. "This latest round of financing signals another endorsement by the financial markets of our business model," said LightSquared Chairman Sanjiv Auhuja in a statement.

The FCC also gave the network's potential for spreading mobile wireless a shout-out in granting the waiver, but the commission conditioned its support on LightSquared resolving the interference issues.

The commission last week put the report findings and LightSquared's proposed interference fixes out for public comment and suggestions, with initial input due at the end of this month, and replies due Aug. 15.