Tuesday, 26 May 2015
Last updated 3 days ago
Mar 25 2014 | 2:15pm ET
Philip Falcone’s wireless internet venture should be able to raise the money it needs to exit bankruptcy, its investment bank said.
Credit Suisse Group told U.S. Bankruptcy Judge Shelley Chapman in a letter that it was confident it could raise $1 billion in debt for LightSquared. The bank did say that the company would need “all required regulatory approvals," which it has yet to receive from the Federal Communications Commission, to get the loan.
LightSquared is seeking approval of a Fortress Investment Group-backed reorganization that would keep it an independent company. It has been battling with Dish Network founder Charles Ergen since its 2012 bankruptcy filing.
Dish has withdrawn its offer to buy LightSquared’s share of the electromagnetic spectrum, but Ergen still opposes the reorganization plan. LightSquared is seeking to have his purchase of $850 million of its debt declared illegal, which would prevent him from blocking its exit from bankruptcy.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…