Judge OKs LightSquared's $51M DIP Plan, CEO Deal

Law360, New York (July 17, 2012, 1:55 PM EDT) -- A New York bankruptcy judge gave tentative approval Tuesday to LightSquared Inc.'s $51.4 million debtor-in-possession financing package, while blessing a settlement that will end its CEO's employment with the bankrupt telecom in exchange for a $750,000 allowed claim.

U.S. Bankruptcy Judge Shelley C. Chapman said she'd review the language in the proposed DIP order before granting final approval by Tuesday's end. The package, which faced no objections but did draw one reservation of rights from a group known as the LightSquared LP lenders, features an increase...
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