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Tuesday, July 1, 2014

JPMorgan, funds to own LightSquared under bankruptcy exit plan, (NASDAQ: DISH), (NYSE: JPM)

Bankrupt wireless venture LightSquared on Tuesday revealed a new 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 12.5 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.JPMorgan, Cerberus and Fortress would supply $1.45 billion in new liquidity, with other investors in the group chipping in another $300 million. Existing lenders with around $1 billion in debt would be repaid in cash.LightSquared's largest creditor, Dish Network Corp Chairman Charles Ergen, would be paid back with $470 million in cash and an unsecured note worth at least $492 million, said Sussberg, who is with Kirkland & Ellis.

DISH Network Corporation is a pay-television (TV) provider, with approximately 13. Shares of DISH traded higher by 0.69% or $0.45/share to $65.53. 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 908735.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 1.27% or $0.725/share to $57.94. 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 8420161.



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