LightSquared Gets Court OK to Go Forward With Exit Plan
Bloomberg reported that according to the company’s lawyer, LightSquared received bankruptcy court approval to go forward with a new plan, which would include a $2.5 billion exit loan and at least $1.25 billion in new equity contributions. The plan was supported by Fortress Investment Group, JPMorgan Chase and Melody Capital Advisors.
Bloomberg said further U.S. Bankruptcy Judge Shelley Chapman in Manhattan allowed LightSquared to go forward with the new plan after a conference with parties in chambers.
To read the entire Bloomberg article, click here.
Previously on abfjournal: Reuters: LightSquared Makes New Attempt at Exit Financing, December 27, 2013