A group of LightSquared Inc. lenders that objected to the wireless-network provider’s use of cash collateral owns $1.1 billion of its secured debt and includes Capital Research & Management Co. and Appaloosa Management LP.
LightSquared Inc. was granted permission to manage $15 million in cash in bankruptcy after saying it disagrees with lenders over the use of other assets to fund the two years needed to win regulatory approval and reorganize.
LightSquared Inc. almost tripled spending on U.S. lobbying as the telecommunications company backed by billionaire Philip Falcone fought to keep regulators from killing its planned nationwide wireless network.
Philip Falcone’s LightSquared Inc. wireless service would have “ruinous effects” on aviation because of signal interference and its plan for a nationwide data network should be withdrawn, an airline trade group said.
Philip Falcone’s LightSquared Inc. called for more tests of its proposed wireless service after U.S. officials said interference with the global-positioning system precludes quick approval of the venture.
A U.S. House panel plans to examine the Federal Communications Commission’s handling of LightSquared Inc.’s proposed wireless service, which has been stymied amid arguments about interference with navigation gear.
Billionaire Carl Icahn has purchased debt from Philip Falcone’s LightSquared Inc.’s bondholders as the satellite-broadband-service provider struggles to start service, two people familiar with the transaction said.
Philip Falcone’s LightSquared wireless venture offered to forgo an increase in power affecting global-positioning devices on the ground, saying the move shows the company is addressing interference concerns.