LightSquared Scores Access To $15M In Cash On 1st Day

Law360, New York (May 15, 2012, 8:02 PM EDT) -- A New York bankruptcy judge on Tuesday approved all of struggling wireless communications startup LightSquared Inc.'s first-day motions, enabling the new debtor to continue to operate during the early days of its bankruptcy through the use of $15 million in cash.

Hedge fund billionaire Philip Falcone-backed LightSquared, which filed for Chapter 11 protection Monday — just hours before time ran out to renegotiate the terms of $1.7 billion in debt — will use the $15 million in unencumbered cash from the LightSquared Inc. parent entity to...
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