LightSquared receives OK to use secured parties' cash collateral

By Caroline Salls

Pittsburgh, June 13 - LightSquared Inc. received final court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its operations while in bankruptcy, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The authorization to use the cash collateral will terminate upon the earliest of one year from entry of the final order, dismissal or conversion of the Chapter 11 cases, appointment of a trustee or examiner, termination of exclusivity, the effective date of a plan of reorganization and the entry of an order staying, reversing or vacating the interim or final cash collateral order without previous consent of the pre-bankruptcy secured parties.

LightSquared, a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage, filed for bankruptcy on May 14. The Chapter 11 case number is 12-12080.

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