LightSquared Chapter 11 plan confirmation hearings to begin April 11

By Kali Hays

New York, April 1 - LightSquared Inc.'s third amended Chapter 11 plan confirmation hearings are scheduled to begin April 11 with closing arguments to take place May 5 and 6, according to a notice filed April 1 with the U.S. Bankruptcy Court for the Southern District of New York.

SP Special Opportunities, LLC must file its findings of fact by April 26, according to the notice.

As previously reported, SPSO objected to the company's plan of reorganization claiming it violated more applicable Bankruptcy Code provisions than it satisfied.

"The plan's consensus, which the debtors will champion as though it obviates all of the statutory confirmation standards, is nothing more than a pay-off to all parties-in-interest by stepping into the court's shoes and subordinating (or, more accurately, disallowing) the claims of its largest secured creditor," the objection said.

Witness testimony on the proposed plan, including that of Charles Ergen of Dish Network Corp., whom LightSquared has accused of scheming against it, concluded March 31.

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.

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