LightSquared’s Ad Hoc Lenders Propose a Reorganization Plan
This article is for subscribers only.
A group of lenders to Philip A. Falcone’s LightSquared Inc. proposed a reorganization plan for the company, saying its LP unit should be sold at auction with the lead offer from an entity owned by Dish Network Corp.
L-Band Acquisition LLC, wholly owned by Dish, raised its offer for LightSquared’s assets to $2.2 billion by adding $220 million in cash under certain conditions, Tom Lauria, a lawyer for the lenders, said today in U.S. Bankruptcy Court in Manhattan. LightSquared has refused to meet with L-Band.