We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
HCP Inc | NYSE:HCP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.78 | 0 | 01:00:00 |
By Joseph Checkler
LightSquared filed a new restructuring plan that would put the company in the hands of current owner Philip Falcone and his Harbinger Capital Partners hedge-fund firm, as well as investment firms Fortress Investment Group LLC and Centerbridge Partners LP.
The proposal, filed early Thursday morning with U.S. Bankruptcy Court in Manhattan, marks a dramatic reversal from the last plan LightSquared filed with the court. That plan would have wiped out Mr. Falcone's stake and given a majority of the equity to Dish Network Corp. Chairman Charlie Ergen, the wireless venture's biggest creditor.
This one would pay off Mr. Ergen, who is owed more than $1 billion through his SPSO investment vehicle, with a five-year note. A group of investors owning about $1 billion in LightSquared's bank debt would also be paid off via a note.
In court Thursday, LightSquared and the bankruptcy judge, Shelley C. Chapman, overseeing the case thanked Judge Robert Drain for mediating the agreement.
While Harbinger would be the largest shareholder of the new LightSquared, it wouldn't have any representation on the board of director. Harbinger also agreed to drop its various lawsuits against several entities, including Mr. Ergen, the U.S. government and the GPS industry. LightSquared will also drop its litigation against Mr. Ergen for his purchase of the company's debt.
Write to Joseph Checkler at joseph.checkler@wsj.com
Access Investor Kit for DISH Network Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US25470M1099
Access Investor Kit for Fortress Investment Group LLC
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US34958B1061
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year HCP Chart |
1 Month HCP Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions