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Inmarsat issues default note to LightSquared

The British satellite company Inmarsat said yesterday its partner LightSquared had missed a $56.3m (£35.5m) payment.
Inmarsat was scheduled to receive the payment from LightSquared, which is struggling to build a US mobile broadband service with Inmarsat's spectrum, after the completion of the first phase of their deal.
However, LightSquared said the payment was not due until Inmarsat replies to several issues it had raised.
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LightSquared has received a notice of completion from Inmarsat relating to the first phase of the companies' 2007 multi-phase agreement to reallocate spectrum resources. As part of the first phase, Inmarsat is required to fulfil certain obligations important to the deployment of LightSquared's 4G-LTE integrated terrestrial and satellite network and protection of their respective customers.
LightSquared has raised several matters that require resolution before the first phase comes to a close. The terms of the agreement allow for additional time to resolve pending questions before phase one is complete and the final payment is due.
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