Wireless venture LightSquared files for bankruptcy

LightSquared filed for Chapter 11 bankruptcy protection May 14 hours before the scheduled expiration of a deal to keep the wireless venture from defaulting on its debt, reports The Wall Street Journal.

The wireless venture, overseen by hedge-fund manager Philip Falcone, reported assets and debts each exceeding $1 billion in a petition filed with the U.S. Bankruptcy Court in Manhattan, the story said.

The wireless venture floundered when regulators halted its plans on the grounds that LightSquared's airwaves interfered with Global Positioning System signals, the story said.