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.