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LightSquared seeking one-week DIP maturity extension through Jan. 12
By Kali Hays
New York, Jan. 2 – LightSquared, Inc. proposed a 20th amendment to a debtor-in-possession order extending the maturity date of its DIP loan through Jan. 12, according to a Friday motion with the U.S. Bankruptcy Court for the Southern District of New York.
The current maturity date of the loan is Jan. 5, which will also be the date of the hearing to consider the extension.
As previously reported, LightSquared received the previous extension on Dec. 19 and also won access to an additional $2.5 million in DIP financing.
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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