LightSquared Could Borrow $1 Billion: Bank

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Dish has withdrawn its offer to buy LightSquared’s share of the electromagnetic spectrum, but Ergen still opposes the reorganization plan.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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration.