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LightSquared files for Chapter 11

LightSquared has filed for Chapter 11 bankruptcy protection.

LightSquared is the company that wanted to build a high-speed wireless broadband network across the U.S.  But the plan met with stiff opposition from agriculture and other industries over concerns that the service would interfere with GPS systems.

The bankruptcy filing was not a big surprise.  Bondholders had given LightSquared a Monday deadline to come to an agreement about restructuring the company’s debt.

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