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.The investment firms' participation highlights the fierce competition for wireless spectrum, or broadband frequencies, in the United States. Many U.S. mobile operators are buying spectrum to boost their networks as customers use more and more bandwidth-hungry data services on phones and tablets.
DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.63% or $0.36/share to $57.61. In the past year, the shares have traded as low as $33.79 and as high as $57.36. On average, 2618850 shares of DISH exchange hands on a given day and today's volume is recorded at 945376.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.09% or $-0.05/share to $58.20. In the past year, the shares have traded as low as $42.90 and as high as $58.39. On average, 19511600 shares of JPM exchange hands on a given day and today's volume is recorded at 6628520.
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