Relevant:
- LightSquared Creditors Want Anti-Bankruptcy Provisions, Falcone Out
- Now Falcone says ‘maybe' to bankruptcy
- Falcone's Harbinger Hedge Fund Lost 47% on LightSquared in 2011
- Exclusive: Falcone mulls voluntary bankruptcy for LightSquared
- Phil Falcone Resigns From Harbinger Group, Collects $40.3 Million
2012-04-29 — wsj.com
Hedge-fund manager Philip Falcone agreed to step aside eventually as the public face of his LightSquared Inc. venture, a concession that may keep the wireless-telecommunications company from defaulting on its debt, people familiar with the negotiations said.
Mr. Falcone's compromise is expected to prompt LightSquared's lenders to approve a one-week extension on a debt-term violations waiver that expires Monday morning, the people said.
If a deal is finalized, Mr. Falcone and LightSquared's lenders plan to continue negotiations for a longer extension of somewhere between 18 months and two years, the people said.
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