Terry Neal News
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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.
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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.
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LightSquared Inc. filed for bankruptcy, saying it will seek to resolve the concerns of U.S. regulators who thwarted the company’s plan to deliver high-speed wireless to as many as 260 million people.
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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.
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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have “ruinous effects” on aviation because of signal interference and its plan for a nationwide data network should be withdrawn, an airline trade group said.
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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.
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LightSquared Inc.’s effort to win support in Washington faces new scrutiny after a U.S. senator questioned hedge fund billionaire Philip Falcone about contacts with the lawmaker’s staff.
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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.
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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.
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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.
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