U.S. wireless communications company LightSquared proposed exiting bankruptcy with financing from $2.75 billion in fresh loans and an equity investment of at least $1.25 billion, according to court documents. The plan is backed by Fortress Investment Group, Melody Capital Advisors, JPMorgan Chase & Co and Harbinger Capital Partners, according to papers filed in Manhattan's U.S. Bankruptcy Court on Tuesday. Harbinger is Philip Falcone's hedge fund and LightSquared's controlling shareholder.The proposal replaces a previous plan based on an auction of the company's assets. LightSquared scrapped the auction after it did not receive any qualified offers to compete with a $2.2 billion bid led by Charlie Ergen, the chairman of rival Dish Network Corp.Under the plan, Fortress, Melody and Harbinger are providing the new equity investment.The latest proposal is conditioned on approval of LightSquared's license application by the Federal Communications Commission.
DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.07% or $0.04/share to $57.29. 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 348476.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 0.43% or $-0.2525/share to $58.00. 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 3388531.
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