LightSquared’s bankruptcy restructuring plan involves selling its assets...
LightSquared’s bankruptcy restructuring plan involves selling its assets if it doesn’t receive FCC approval to deploy terrestrial downlink operations in a band shared with the federal government. The restructuring plan also contemplates distribution of the sale’s proceeds “to satisfy allowed…
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claims and allowed equity interests, if applicable, in accordance with the plan, … potential prosecution of certain causes of action,” and “wind down of LightSquared and its estates,” it said in a filing with the U.S. Bankruptcy Court for the Southern District of New York. The company believes and operates on the premise that “concluding discussions with the FCC and interested government agencies regarding the terrestrial deployment of its wireless spectrum significantly increases the value of its estates and most likely leads to a value-maximizing solution, whether through a sale process or an alternative transaction,” it said. Resolution of the pending FCC proceedings will maximize the value of its assets and LightSquared will continue its efforts with the FCC and other agencies “in seeking approval of its pending license modification applications and related proceedings before the FCC,” it said. The company filed for Chapter 11 protection last year (CD May 15/12 p12).