LightSquared to Cut 45% of Jobs to Trim Costs – Bloomberg

Billionaire Philip Falcone’s LightSquared Inc. wireless venture is cutting 45 percent of its jobs, or about 149 positions, to preserve cash after its plan to start operating was rejected by U.S. regulators.

Most of the affected employees are those hired in preparation for its high-speed wireless network expansion, Reston, Virginia-based LightSquared said today. The company has 330 workers in total.

LightSquared said it is seeking to reduce costs while it works to resolve the regulatory objections. The Federal Communications Commission said last week that it won’t let LightSquared begin service after an Obama administration adviser found that it disrupts navigation gear used by planes, boats and autos.

via LightSquared to Cut 45% of Jobs to Trim Costs – Bloomberg.