LightSquared, the ailing wireless company backed by hedge fund manager Philip Falcone, said on Tuesday that it plans to cut its workforce by 45 percent in order to save cash.

This and other cost savings measures will allow LightSquared to continue to navigate the regulatory process as it works with the appropriate government agencies to find solutions to the GPS interference issue and bring its $14 billion privately funded wireless broadband network to more than 260 million Americans, the company said in a statement.

The company employs 330 people and is headquartered in Reston, Virginia.

A person familiar with the situation said LightSquared is not considering bankruptcy.

(Reporting By Svea Herbst-Bayliss, Sinead Carew and Matthew Goldstein; Editing by Gary Hill)