LightSquared DIP financing increased to $95 million, maturity extended

By Kali Hays

New York, Oct. 6 – LightSquared Inc. received an increase of its principle debtor-in-possession loan amount to $95.5 million from $77.6 million, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

This is the 14th amendment to the LightSquared DIP facility.

In addition, the facility was extended to the earlier of Oct. 31 and the final maturity date of the LightSquared LP debtors’ DIP facility.

As previously reported, pursuant to an Aug. 28 order LightSquared LP’s sixth replacement DIP facility will mature on the earlier of Nov. 15 and the effective date of a plan of reorganization.

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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