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Wednesday, March 18, 2015

LightSquared plans to repay Dish Network chairman in full, (NMS: DISH)

Bankrupt U.S. wireless venture LightSquared filed a new restructuring plan on Wednesday that would pay the full $1.5 billion claim to its largest creditor, Dish Network Corp Chairman Charles Ergen, in cash, with interest.The plan, outlined at a hearing in U.S. Bankruptcy Court in Manhattan, is premised on a $1.515 billion financing commitment from Jefferies Finance LLC, who would pocket a $174 million fee and other compensation for arranging the deal.In LightSquared's three years in Chapter 11, there has been a parade of failed restructuring plans and litigation between the company and Ergen over the legality of his purchase of a huge chunk of LightSquared loan debt.But this is the first proposal that would pay the full amount, in cash, of Ergen's $1 billion claim, with interest.

DISH Network Corporation, is a pay-television (TV) provider, with approximately 14. Shares of DISH traded higher by 1.96% or $1.44/share to $74.80. In the past year, the shares have traded as low as $55.45 and as high as $80.75. On average, 1755750 shares of DISH exchange hands on a given day and today's volume is recorded at 908381.