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Monday, March 9, 2015

LightSquared to set aside some cash for Ergen, lenders, (NMS: DISH)

A lawyer for LightSquared on Monday said the company will set aside $400 million to give certain bankruptcy lenders, including Dish Network Corp Chairman Charles Ergen, the option to take a portion of their repayment in cash instead of notes.The bankrupt wireless venture, opening a week-long trial seeking a judge's approval of its debt restructuring plan, is looking to end one of the most litigious bankruptcies of recent years.LightSquared, owned by Phil Falcone's Harbinger Capital Partners, was planning a massive wireless network when it was forced to file bankruptcy in May 2012, after the Federal Communications Commission revoked its spectrum license over potential GPS interference.Since then, no fewer than seven restructuring proposals have failed amid creditor fights over the treatment of debt and the underlying value of LightSquared's spectrum.

DISH Network Corporation, is a pay-television (TV) provider, with approximately 14. Shares of DISH traded higher by 0.03% or $0.02/share to $76.08. In the past year, the shares have traded as low as $55.45 and as high as $80.75. On average, 1850730 shares of DISH exchange hands on a given day and today's volume is recorded at 983918.