Bloomberg reported that 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.
Reuters reported that bankrupt wireless communications firm LightSquared is seeking to raise exit financing, and targeting a $2 billion to 2.5 billion exit term loan, sources said.
Bloomberg reported that bankrupt wireless spectrum company LightSquared is receiving bankruptcy court approval for a creditor vote on four competing restructuring plans.
Bloomberg reported that LightSquared’s lenders do not want the bankrupt company to run its own auction due to depleted cash, the evolving industry and a shareholder who wants to block the sale.
Reuters reported that LightSquared split its proposed $3 billion exit term loan. Jefferies is arranging a $2 billion first lien loan, while Harbinger Capital Partners will handle the syndication of the $1 billion second lien loan.