LightSquared Prepares For Rival Reorganization Plans

Law360, New York (July 22, 2013, 4:05 PM EDT) -- LightSquared Inc. on Friday asked a New York bankruptcy judge to approve a timeline for the remainder of its bankruptcy, acknowledging that it will likely receive competing reorganization plans now that it has lost control of its bankruptcy.

The wireless spectrum owner's right to file a Chapter 11 plan without the threat of any rival proposals being submitted expired on July 15. It is now asking U.S. Bankruptcy Judge Shelley Chapman to set a September deadline for any plan anyone else wants to put forward....
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