LightSquared Pulls Plug On Sale To Centerbridge

Law360, New York (December 17, 2013, 1:33 PM EST) -- LightSquared Inc. will not proceed with a sale to private equity fund Centerbridge Partners LP but could have another alternative to exit bankruptcy on the table soon, a lawyer representing the committee overseeing LightSquared's operations said Tuesday.

Paul Basta of Kirkland & Ellis LLP, representing the special committee, told U.S. Bankruptcy Judge Shelley C. Chapman in court that the committee has been working with secured lenders to develop a reorganization plan. Though rumors had been flying in the past week that LightSquared was in the midst of...
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