LightSquared Judge Prepared to Approve $51.4 Million Loan
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LightSquared Inc.’s bankruptcy judge is prepared to approve a loan of as much as $51.4 million that will allow Philip A. Falcone’s bankrupt wireless broadband venture to operate while under court protection from creditors.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan said today she would review changes to the loan and was prepared to approve an agreement allowing the company to borrow $30.6 million immediately.