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Fortress, Harbinger back LightSquared latest bankruptcy exit plan

27
Dec
2013

(Reuters) – U.S. wireless communications company LightSquared proposed exiting bankruptcy with financing from $2.75 billion in fresh loans and an equity investment of at least $1.25 billion, according to court documents. The plan is backed by Fortress Investment Group, Melody Capital Advisors, JPMorgan Chase & Co and Harbinger Capital Partners, according to papers filed in Manhattan’s U.S. Bankruptcy Court on Tuesday. Harbinger is Philip Falcone’s hedge fund and LightSquared’s controlling shareholder. LightSquared scrapped the auction after it did not receive any qualified bids to compete with a $2.2 billion bid led by Charlie Ergen, the chairman of rival Dish Network Corp. Under the plan, Fortress, Melody and Harbinger are providing the new equity investment.

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