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The Deal: LightSquared Lenders Propose Sale

Chapman was scheduled to consider the scheduling motion on Tuesday but yet to issue an order. LightSquared filed for Chapter 11 on May 14, 2012, ahead of the expiration of a grace period with creditors. Alongside attempts to reach a deal with creditors, it has tried to obtain approval from the Federal Communications Commission to use its spectrum licenses to provide wireless broadband services.

LightSquared in court papers has listed $4.48 billion in assets and $2.29 billion in liabilities. In addition to LightSquared LP's secured debt addressed under the plan, LightSquared Inc. owes term lenders led by U.S. Bank NA roughly $322.33 million.

Debtor counsel Matthew S. Barr of Milbank, Tweed, Hadley & McCloy was not available for comment. Fraser Milner Casgrain is debtor counsel in LightSquared's Canadian bankruptcy proceedings, which also began on May 14, 2012.

Alvarez & Marsal North America is LightSquared's financial adviser, and Moelis & Co. is its investment banker.

Glenn M. Kurtz and Thomas E. Lauria of White & Case represent the ad hoc lender group. Steven Zelin and C.J. Brown lead a Blackstone Advisory Partners team providing financial advice.

Rachel C. Strickland and Mary K. Warren of Willkie Farr & Gallagher are counsel to SP Special Opportunities.

Written by Pat Holohan.

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