Reginal Thomas
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Bankrupt LightSquared Gets In New Fund Of Up To $1,1 Billion

Bankrupt wireless venture LightSquared announced a restructuring deal that would cede 74% of its equity to an investor group that includes JPMorgan Chase & Co. Cerberus Capital Management and Fortress Investment Group. Harbinger Capital Partners, currently controls 12% of the new equity, according to a lawyer for a committee overseeing LightSquared’s restricting; Joshua Sussberg. The new investment group will supply $1.75 billion in new liquidity. Dish Network Corp., LightSquared’s largest creditor, will be repaid $470 million in cash and an unsecured note worth at least $492 million. The company went bankrupts in 2012 after the FCC revoked its spectrum license because of fears its planned wireless netowkr would interfere with GPS systmes.