LightSquared Allowed to Hire Jefferies to Seek Exit Loan
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LightSquared Inc., the wireless broadband company said to have received an offer from Dish Network Corp. Chairman Charlie Ergen, won permission to hire Jefferies Group LLC to line up financing to exit bankruptcy.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan approved Jefferies’s hiring today. She also raised questions about the identities of LightSquared’s debt owners after lawyers expressed concerns that a committee of lenders may no longer be the company’s largest debt holder.