Inmarsat has received payment of US$17.5 million from LightSquared, due under the Cooperation Agreement between the two companies. This payment was received within the 60 day contractual cure period triggered by a notice of default issued to LightSquared on 1 October 2014.

Further payments from LightSquared are subject to significant uncertainty. In May 2012, LightSquared filed for a reorganisation under Chapter 11 of the United States 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.