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Time running out for LightSquared
US tech start-up LightSquared could file for bankruptcy if it fails to make a deal with creditors today. Owner and hedge fund manager Philip Falcone needs to reach an agreement before the close of business in New York to avoid default on a $1.6bn loan. LightSquared’s future was thrown into doubt in February when US regulators said it would revoke its permission to build a high-speed wireless network as tests found risks of interference with GPS equipment. That decision sent shares in London-listed joint venture partner Inmarsat sprawling.