LightSquared Moves Toward Bankruptcy Filing – WSJ.com

Hedge-fund manager Philip Falcone’s LightSquared Inc. venture was preparing Sunday to file for bankruptcy protection after negotiations with lenders to avoid a potential debt default faltered, said people familiar with the matter.

LightSquared and its lenders still have until 5 p.m. Monday to reach a deal that would keep the wireless-networking company out of bankruptcy court, and there were some indications over the weekend that a final decision hadn’t yet been reached on its fate. Still, the two sides remained far apart, and people involved in the negotiations expected LightSquared to begin making bankruptcy preparations in earnest.

via LightSquared Moves Toward Bankruptcy Filing – WSJ.com.

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