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LightSquared Proposes Outline for Reorganization

Philip Falcone’s LightSquared Inc. proposed a reorganization that includes a potential sale of wireless spectrum instead of an auction led with a $2.2 billion bid from a unit of Charlie Ergen’s Dish Network Corp.

LightSquared filed the plan outline today in U.S. Bankruptcy Court in Manhattan and said it will continue to seek approval from the Federal Communications Commission to use its airwaves. The company said it also will weigh a sale of the assets and didn’t identify any potential bidders.