Bloomberg reported Philip Falcone’s LightSquared persuaded a judge to let it go forward with a bankruptcy plan that will punish Dish Network Corp. Chairman Charles Ergen, a creditor and onetime bidder for the wireless company, if he doesn’t go along.
According to Bloomberg , U.S. Bankruptcy Judge Shelley Chapman in Manhattan said she has “no choice” but to approve LightSquared’s disclosure statement laying out terms of the reorganization plan, on which creditors can then vote. The plan is said to value LightSquared at $7.7 billion.
To read the entire Bloomberg article, click here.
Previously on abfjournal: Bloomberg: Falcone’s LightSquared Files New Reorganization Plan, February 18, 2014