Yet another bit of bad news to add to the pile for LightSquared -- the company announced this week that it will be cutting back on its employment numbers by 45 percent. The cost cutting move comes a day after word got out that it had defaulted on a hefty $56.25 million payment. According to reports, the Virginia-based company, which currently employs some 330 people, is apparently not looking into bankruptcy, in spite of its mounting troubles.
LightSquared to cut staff by 45 percent as troubles grow originally appeared on Engadget on Tue, 21 Feb 2012 17:42:00 EDT. Please see our terms for use of feeds.
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