LightSquared to lay off 45 percent of workforce

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LightSquared has revealed plans to lay off about 45 percent of its workforce in light of its failure to gain approval for its proposed 4G LTE network. "This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans," said LightSquared in a statement provided to Reuters. The cuts will come from its staff of about 330 people. Despite the cuts to its working staff, LightSquared says that it is not considering bankruptcy at this time.