LightSquared lost another $64.8 million in September, bringing Philip Falcone ’s wireless venture’s total losses to more than $1.6 billion since the project filed for bankruptcy protection more than two years ago, the Wall Street Journal reported today. In a financial snapshot filed in bankruptcy court on Wednesday, lawyers for LightSquared attributed the bulk of the losses to interest payments on its debt. LightSquared paid $38.6 million on interest costs related to its debt during September, court papers show. The interest payments, which were mostly made to the holders of LightSquared’s bank debt, now stand at $981.8 million since the company filed for bankruptcy. The company also spent $4.6 million on lawyers and advisers who have been trying to figure out how to get the company out of chapter 11 protection. LightSquared filed for bankruptcy in May 2012 after federal regulators refused to approve its plans to launch the wireless network, which they said could interfere with global-positioning systems. Since that point, the company has lost $1.66 billion, court papers show.
