Private equity firm Centerbridge Partners has reportedly agreed a $3.3bn deal for bankrupt telecommunications business LightSquared.
The company, which is backed by hedge fund manager Philip Falconer, has about $1.7bn of debt which Centerbridge would subsume as part of the deal according to the Wall Street Journal, which cited people familiar with the matter.
LightSquared has been bankrupt since 2012 and is said to be battling to keep control of its valuable spectrum amid a takeover push by Dish Network, the WSJ added.
It said Fortress Investment Group had withdrawn its own offer for the business in favour of throwing in with Centerbridge as a minority investor.
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