Lenders Advise Against LightSquared Running Its Own Auction
Bloomberg reported that bankrupt LightSquared’s lenders do not want the company to run its own bankruptcy auction due to depleted cash, the evolving industry and a shareholder who wants to block the sale.
Citing a filing in the U.S. Bankruptcy Court in Manhattan, Bloomberg noted that lenders want a trustee, the lender group or an independent committee to take on the asset auction. Bloomberg quoted Steve Zelin, financial advisor at Blackstone Group, saying, “I have significant concern as to the LP Debtors’ ability to run a fair and competitive auction.”
To read the entire Bloomberg story, click here.
Previously on abfjournal: Jefferies, Harbinger to Arrange LightSquared Exit Financing, July 8, 2013