LightSquared Lenders Oppose Extension of Falcone’s Control
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A group of LightSquared Inc.’s lenders said they oppose extending Philip A. Falcone’s control of the wireless broadband venture because his strategy to revive the bankrupt company is too risky.
LightSquared has asked U.S. Bankruptcy Judge Shelley Chapman for a 150-day extension of its exclusive right to control the bankruptcy case. The lenders, who say they own about $1.1 billion of the $1.7 billion in secured debt of the company’s LP unit, objected in a filing today in Manhattan.