LightSquared Exit Plans Not Feasible, US Trustee Says

Law360, Los Angeles (November 22, 2013, 10:03 PM ET) -- The U.S. trustee for LightSquared Inc.’s Chapter 11 proceedings said in New York bankruptcy court on Friday that none of the four proposed plans to pull the company from under water may be feasible.

The assets the plans are hoping to sell may not even be controlled by the estate, depending on approval from the Federal Communications Commission and Industry Canada, according to U.S. Trustee Tracy Hope Davis.

Three of the plans hinge on sales of all the assets controlled by LightSquared, while a fourth proposes...
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