Daily News: January 5, 2015

LightSquared Offers Restructuring Backers $200MM Breakup Fee

The Wall Street Journal reported LightSquared is seeking to pay a $200 million breakup fee to the backers of its restructuring, including Fortress Investment Group, in case the mobile satellite company’s Chapter 11 exit doesn’t pan out as planned.

According to the Journal according to a filing with U.S. Bankruptcy Court in Manhattan, LightSquared said Fortress would get nearly half the $200 million, payable only if LightSquared opts for an alternative restructuring proposal; two other backers of the plan, Centerbridge Partners LP and Sig Holdings, would get the rest.

To read the entire Journal article, click here.