Inmarsat hands LightSquared a life line, wishes to get that $56 million back later

LightSquared declared today that it has achieved contract with Inmarsat to change the Collaboration Agreement between the two companies.

This changed contract provides LightSquared longer and versatility to use its array to set up a terrestrial 4G wifi system once all regulating read write have been properly secured.

"This new contract allows LightSquared an chance to focus its initiatives on acquiring the necessary regulating mortgage approvals to begin building the country's first, coast-to-coast wifi high speed internet system," said Doug Jackson, LightSquared's beginning primary managing official and primary system official. "We remain dedicated to satisfying our business perspective to carry world-class wifi high speed internet connection to an incredible number of People in america.

"The restored alliance between LightSquared and Inmarsat firms the chance of customers across the U.S. to acquire the benefits of increased competitors that LightSquared will carry to the high speed internet wifi market, and the only practical chance of non-urban areas of the country to acquire access to efficient high speed internet wifi service."