LightSquared Wins Court Approval of Executive Bonus Plan

Philip Falcone’s bankrupt LightSquared Inc. won court permission to award bonuses to four key executives under a revised plan that pays them the most if the company sells its assets or exits bankruptcy before July.

U.S. Bankruptcy Judge Shelley Chapman in Manhattan today approved the amended plan after LightSquared resolved concerns raised by a group of lenders owning $1.1 billion in debt and the U.S. Trustee, an arm of the Justice Department that oversees bankruptcies.