Bloomberg: LightSquared Has Tentative Bankruptcy Plan
Bloomberg reported that bankrupt Lightsquared has come to a tentative agreement on a plan of reorganization, which would grant majority ownership to JPMorgan, Fortress Investment Group and Cerberus Capital Management, citing a lawyer.
Bloomberg said Philip Falcones’ Harbinger Capital Partners would, under the proposed plan, retain a small stake in the wireless broadband company. However, according to lawyer Joshua Sussberg, this will only work if the company exits bankruptcy by Sept. 30, Bloomberg noted.
To read the entire Bloomberg story, click here.
Previously on abfjournal: Bloomberg: LightSquared Judge ‘Throws Out’ Bankruptcy Plan, May 9, 2014