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Falcone’s LightSquared Said to Get Week Credit Extension

LightSquared Inc., the wireless-network company backed by billionaire Philip Falcone, received a second weeklong extension from creditors, delaying a potential bankruptcy, a person with knowledge of the matter said.

The move gives LightSquared more time to negotiate before having to revisit a waiver that is keeping its debt from going into default. Before the original April 30 deadline, Falcone conditionally agreed to a request by creditors that he step down from the Reston, Virginia-based company’s board and executive committee, according to people familiar with the talks who weren’t authorized to speak publicly.