Bloomberg reported LightSquared, whose owner Philip Falcone fought a takeover bid from Dish Network (DISH) chairman, Charles Ergen, proposed a new reorganization plan that could allow the wireless broadband company to exit bankruptcy as a stand-alone.
According to Bloomberg , a disclosure statement explaining the terms of the proposal, was filed in Manhattan bankruptcy court. Under the plan, parties including Fortress Investment Group LLC would supply $1.65 billion in DIP financing plus $1 billion in exit financing, Bloomberg said further.
To read the entire Bloomberg article, click here.
Previously on abfjournal: Reuters: LightSquared Gets Court Nod for $33MM Bankruptcy Loan, February 7, 2014