LightSquared payments uncertain, says Inmarsat

Mobile satellite communications group Inmarsat gave a bullish outlook for 2012, but warned about uncertainties relating to the payments from US partner LightSquared, which were 'primary drivers' of revenue growth in 2011.

Mobile satellite communications group Inmarsat gave a bullish outlook for 2012, but warned about uncertainties relating to the payments from US partner LightSquared, which were 'primary drivers' of revenue growth in 2011.

Inmarsat announced last month that wireless network operator LightSquared, which has a co-operation agreement with the group, had failed to pay $56.25m which became due upon the completion of the "Phase 1 transition". Inmarsat then issued a notice of default to LightSquared under the co-operation agreement which gives 60 calendar days for LightSquared to cough up the cash.

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