Bankrupt wireless venture LightSquared on Tuesday revealed a restructuring proposal that would cede 74 percent of its equity to a new investor group that includes JPMorgan Chase & Co, Cerberus Capital Management and Fortress Investment Group. Phil Falcone's Harbinger Capital Partners, which now controls LightSquared, would retain about 12 percent of the new equity, according to Joshua Sussberg, a lawyer for a committee overseeing LightSquared's restructuring efforts. Sussberg was speaking at a hearing in U.S. Bankruptcy Court in Manhattan.The investment group would supply $1.75 billion in new liquidity.LightSquared's largest creditor, Dish Network Corp Chairman Charles Ergen, would be repaid $470 million in cash and an unsecured note worth at least $492 million, said Sussberg, who is with Kirkland & Ellis. Ergen has not agreed to the plan.LightSquared and Ergen have been bitter rivals throughout the bankruptcy. LightSquared has accused Ergen of surreptitiously buying up its debt in violation of a credit agreement that bars competitors like Dish from owning company debt. Ergen insisted the investment was personal.
DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.95% or $0.62/share to $65.70. In the past year, the shares have traded as low as $41.33 and as high as $65.75. On average, 2755330 shares of DISH exchange hands on a given day and today's volume is recorded at 790526.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.86% or $0.49/share to $57.71. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 15671600 shares of JPM exchange hands on a given day and today's volume is recorded at 7116406.
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