NextWave nixes Wi-Fi business unit: GO Networks now gone

NextWave Wireless Inc. said it will discontinue the operations of its GO Networks unit, which developed wide area Wi-Fi network equipment.
NextWave, which two weeks ago received a much-needed commitment of $100 million in debt financing, filed a request in Israel to seek bankruptcy protection for the Tel Aviv-based subsidiary. The move will not affect other NextWave subsidiaries, the company said, and “is designed to provide an orderly process for the discontinuance of operations and to advance the company’s announced divestiture and cost-reduction strategy.”
A San Diego-based outfit with a fascinating history of ill-conceived spectrum buys, NextWave two months ago sold nearly two-thirds of its advanced wireless services spectrum for $150.1 million. The company bought GO Networks in January 2007 for $13.3 million (taking on $7.5 million in GO debt) as a complement to its WiMAX product line.