LightSquared Expects To Exit Bankruptcy by Dec. 15
LightSquared is eyeing a Dec. 15 exit from its Chapter 11 bankruptcy. That's the date set in a court order approved Tuesday by U.S. Bankruptcy Judge Shelley Chapman in Manhattan for payment to Moelis & Co., the financial adviser and…
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investment banker to the satellite company in its 3-year-old Chapter 11 bankruptcy. The order signs off on paying Moelis $32.5 million in capital transaction fees and restructuring fees on the effective date of LightSquared's plan for emergence from bankruptcy, as long as the plan is consummated by Dec. 15. If the plan isn't consummated by then, Moelis doesn't receive the $32.5 million -- its reduced transaction fee -- but it then has the right to seek full repayment of the $63.8 million for which Moelis may be eligible.