Deals
LightSquared Needs More Mediation to Develop Plan
This article is for subscribers only.
LightSquared Inc., the bankrupt wireless-spectrum owner controlled by hedge-fund founder Philip Falcone, is about to be sent to mediation after failing to complete a reorganization plan in two weeks of talks with creditors.
The tentative global plan pitched to creditors includes a new third-party investor offering “significant” amounts of new capital, Paul Basta, a lawyer representing an independent committee in the case, said at a hearing today in Manhattan bankruptcy court.