Global private equity and venture capital news and research

Fortress backs LightSquared financing plan

27 Dec 2013

telecoms6_sqPrivate equity firm Fortress Investment Group has agreed to back a bankruptcy exit plan for wireless communication group LightSquared.

Under the terms of the deal, LightSquared would secure loans totaling $2.75bn and $1.25bn in equity from Fortress, Melody Capital Advisors, Harbinger Capital Partners and JP Morgan Chase, the company said in a court filing, according to Reuters.

LightSquared was previously looking to sell its assets, but cancelled the plan after receiving only one bid from Dish that valued the business at $2.2bn.

The new plan must be approved by the Federal Communications Commission, which could take many months, said the report.

Earlier this month private equity firm Centerbridge Partners pulled out of a $3.3bn deal for LightSquared.

It was previously reported that Fortress withdrew its offer for the business in favour of throwing in with Centerbridge as a minority investor.

Copyright © 2013 AltAssets

AltAssets Mobile App

To access the latest private equity news and stories download the new AltAssets mobile app from the

Legals & Terms of UsePrivacy Policy

AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2016