LightSquared lost $55.5 million in September, bringing the wireless satellite company's losses since filing for bankruptcy to more than $934 million, Dow Jones Newswires reported yesterday. In a Wednesday filing with U.S. Bankruptcy Court in Manhattan, LightSquared again attributed a bulk of its losses to interest expenses on its debt. In September, the company paid $33.5 million in interest expenses and now has put $535.3 million toward interest since its chapter 11 filing in May 2012. The bulk of the interest payments have gone to the owners of $1.7 billion in bank debt owned by a group of hedge funds and an entity controlled by Dish Network Corp. Chairman Charles Ergen, but Dish's $2.2 billion bid for LightSquared's wireless spectrum assets would pay off that debt. Despite the Dish bid, LightSquared, which is controlled by Philip Falcone and his Harbinger Capital Partners hedge-fund firm, is seeking a competing bid for the assets at an auction set for late next month.
