This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DISH $69.91 0.00%
UBS $20.22 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs