LightSquared, Lenders Agree To Asset Sale Procedures

Law360, New York (September 30, 2013, 4:06 PM EDT) -- LightSquared Inc. on Monday settled its dispute with lenders and a Dish Network Corp. Chairman Charlie Ergen-owned vehicle over auction procedures for a LightSquared subsidiary’s assets with the hope that a buyer will be finalized by the end of the year.

The deal keeps the $2.22 billion offer from Ergen’s L-Band Acquisition Corp. on the table, which senior lenders had worried might be withdrawn if it weren’t selected as the stalking horse bidder for the auction. It also allows Harbinger Capital Partners LLC, the Philip Falcone-controlled...
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