Some good news for Inmarsat.
The satellite operator has received $17.5m which it was owed by bankrupt US communications group LightSquared, under a co-operation agreement between the two.
A notice of default was triggered on 1 October, and the payment was received within a 60 day grace period. But Inmarsat warns that does not mean it will get any more cash out of LightSquared. It said:
Further payments from LightSquared are subject to significant uncertainty. In May 2012, LightSquared filed for a reorganisation under Chapter 11 of the US bankruptcy code and is yet to complete a reorganisation process that would allow LightSquared, among other things, to fund its further operations, including payments to Inmarsat.
Investors are cautioned that this announcement provides no guarantee that any further payments will be received from LightSquared.
The revenue generation of Inmarsat’s group business remains unaffected by today’s announcement.
Inmarsat’s shares have climbed 5p to 773p on the news.
