Philip Falcone’s LightSquared Inc. is set to open a trial accusing Charlie Ergen of improperly snapped up debt in the company to hijack its reorganization and get airwaves worth billions of dollars for Dish Network Corp., even as Dish has said it may withdraw its bid.
An entity owned by Charlie Ergen, chairman of Dish Network Corp., may withdraw its $2.22 billion offer to buy the wireless spectrum of Philip Falcone’s LightSquared Inc. over a technical matter, a lawyer said.
Philip Falcone’s LightSquared Inc. may get more than $2 billion in financing sponsored by Fortress Investment Group LLC that would allow him to avoid a sale to Charlie Ergen, a person familiar with the matter said today.
Creditors of Vitro SAB are urging the Mexican glassmaker to renew talks after a judge rejected the company’s bankruptcy plan last week, said Thomas Lauria , who represents holders of $735 million in defaulted bonds.
A group of Indiana pension funds that hold first-lien debt of Chrysler LLC objected to a plan to auction the company’s assets and said a U.S. District Court judge should rule on whether the sale is lawful.
Vitro SAB, the Mexican glassmaker that defaulted on $1.2 billion of bonds last year, plans to ensure creditors approve a debt-restructuring offer by voting $1.9 billion of its intercompany loans in favor of the deal.
Tribune Co. said it must rewrite its plan to exit bankruptcy after a deal to divide ownership of the publisher among senior lenders fell apart and managers were excluded from new talks about the company’s future.
Managers of the Reserve Primary Fund, the $62.5 billion money-market fund whose collapse set off an industrywide run by investors, committed fraud by failing to provide key material facts to investors and trustees, the U.S. Securities and Exchange Commission said in a complaint.