LightSquared eyes alternative transaction for assets of One Dot Six

By Caroline Salls

Pittsburgh, Dec. 18 - LightSquared Inc. said it will move forward with an alternative transaction for the sale of the assets of its One Dot Six debtor that would be implemented through the LightSquared debtors' Chapter 11 plan.

According to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York, the company is not deeming any bid received for the One Dot Six assets as the successful bid under its first amended plan.

LightSquared said an alternative transaction is supported by significant stakeholders in its Chapter 11 cases, except for an informal group of secured creditors.

The Dec. 19 auction for the One Dot Six assets will not be held, the filing said.

LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 under Chapter 11 case number 12-12080.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.