Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, December 11, 2013

Centerbridge Partners offers to purchase LightSquared for $3.3 billion -WSJ, (NASDAQ: DISH)

Private equity firm Centerbridge Partners LP has reached a tentative deal to purchase bankrupt telecommunications firm LightSquared Inc for $3.3 billion, the Wall Street Journal reported on Wednesday, quoting people familiar with the matter. LightSquared, backed by hedge fund manager Philip Falcone, has been in bankruptcy since 2012 and is fighting to keep control of its valuable spectrum amid a takeover push by Dish Network Corp.Reuters could not reach Centerbridge or LightSquared for comment outside regular business hours.Three creditor groups have proposed plans that contemplate an auction for the assets, and Dish has already made a baseline bid of $2.2 billion.Centerbridge has offered to pay about $3.3 billion for LightSquared and assume about $1.7 billion in various liabilities, the Journal quoted the people as saying. (WSJ story:)

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH fell by 1.25% or $-0.68/share to $53.76. In the past year, the shares have traded as low as $33.79 and as high as $55.37. On average, 2442010 shares of DISH exchange hands on a given day and today's volume is recorded at 3510544.