LightSquared preps for tough trial on latest bankruptcy plan

By Nick Brown NEW YORK (Reuters) – LightSquared gained momentum this week in its effort to end its three-year bankruptcy after a judge dealt a blow to its main creditor and adversary, Charles Ergen, ahead of a week-long trial on its latest debt restructuring plan. LightSquared, the would-be wireless provider owned by Phil Falcone’s Harbinger Capital Partners hedge fund, on Monday will begin seeking U.S. Bankruptcy Court approval for a plan to exit Chapter 11, repay lenders and transfer some equity to Fortress Investment Group and Centerbridge Partners.

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