LightSquared Foresees Competing Plans for Its Reorganization
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Philip A. Falcone’s bankrupt LightSquared Inc., said it foresees competing proposals to reorganize its assets and asked the court for a deadline of Sept. 4 to take proposals.
The broadband network services provider, also facing a $2 billion cash offer for its assets from an entity owned by Dish Network Corp. Chairman Charlie Ergen, lost the exclusive right to control its reorganization July 15. It hasn’t been able to get creditor support for a reorganization timeline and is proposing a streamlined process, it said today in court papers.