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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV