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LightSquared may file new restructuring plan by Friday

12
Feb
2014

By Billy Cheung NEW YORK (Reuters) – LightSquared hopes to submit a consensual restructuring plan by Friday, although the judge overseeing the wireless venture’s bankruptcy isn’t convinced that will happen. In a court hearing on Tuesday, a lawyer for the company said it aims to file a reorganization plan that has the support of its creditors by Friday, putting the company, owned by Phil Falcone’s Harbinger Capital Partners, on track to exit bankruptcy around the end of March. But Judge Shelley Chapman, in U.S. Bankruptcy Court in Manhattan, voiced skepticism that parties in the fractious case could reach a deal by then. LightSquared went bankrupt in 2012 after the Federal Communications Commission revoked its license to build a massive wireless network, amid fears it could interfere with GPS systems.

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