Fortress backs new LightSquared bankruptcy exit plan

LightSquared is proposing a new bankruptcy exit plan with financing from Fortress Investment Group and other backers, as the U.S. wireless communications company seeks to avoid a sale to highest bidder Dish Network Corp. LightSquared would receive $2.75 billion in fresh loans and at least $1.25 billion in equity investment from private equity firms Fortress and Melody Capital Advisors LLC, as well as JPMorgan Chase & Co and Harbinger Capital Partners, court documents filed late Tuesday show. Harbinger, billionaire Philip Falcone's hedge fund, is LightSquared's controlling shareholder. LightSquared scrapped that sale after Dish emerged as the only qualified bidder, with a $2.2 billion offer and terms that LightSquared found unappealing.



via Tech News Headlines - Yahoo News http://news.yahoo.com/fortress-harbinger-back-lightsquared-latest-bankruptcy-exit-plan-170230591--sector.html