LightSquared License Transfers, Needed for Bankruptcy Emergence, on Circulation
LightSquared is closer to emerging from Chapter 11 bankruptcy because its FCC International Bureau application for assignment of its licenses is among the items the FCC said is on circulation. In an ex parte filing dated Friday to be posted…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
in docket 15-126, LightSquared said it and a representative of JPMorgan Chase met with representatives of Commissioners Mignon Clyburn and Ajit Pai about its post-bankruptcy plans, including new ownership, and how that license reassignment would let it emerge from bankruptcy. Getting out of Chapter 11 "enables the Commission to strengthen the wireless market with no competitive harms by giving the reorganized company access to new financing that will enhance its ability to maintain existing services and (subject to any required approvals) to offer innovative new services that can help the country transition to next-generation 5G services," LightSquared said, saying it made a pitch for "prompt ... approval." JPMorgan earlier this month agreed to put its interest in post-bankruptcy LightSquared into a proxy, which could clear the path for the FCC to approve the license transfer needed before U.S. Bankruptcy Court approves its final emergence from Chapter 11 reorganization (see 1511090031).