LightSquared filed for Chapter 11 bankruptcy protection on Monday. The company failed to reach a debt restructuring deal with its creditors. The company wanted to create a wireless network using satellites. Federal regulators at first championed the idea, but in recent months turned its back on the proposal after military, agriculture and others said the satellite signals could interfere with global positioning systems used broadly by airplanes, agriculture and consumers.

According to the company’s biggest investor, Philip Falcone of Harbinger Capital, LightSquared says the filing was necessary to protect the Company against creditors who were looking for a quick profit, as opposed to our goal to create long-term market competition, job creation, and the promise of wireless connectivity for every American.

According to the filing, LightSquared employed 168 people in the U.S. and Canada and generated about 30-million dollars in annual revenue from businesses who leased its airwaves. Unsecured creditors include Boeing, which is owed 7-million dollars; Alcatel-Lucent is owed 7-million; and Burson Marsteller is owed 265-thousand dollars.