A group of lenders to Philip A Falcone’s ill-fated open access wireless wholesaler LightSquared seeks to end his control of the bankrupt company through an auction that would have a leading bid from US satellite TV giant DISH Network. According to Bloomberg BusinessWeek, the bid – which has been lodged through DISH’s affiliate company L-Band Acquisition LLC – reportedly consists of USD2.2 billion in cash. However, the total value of the offer is far higher, at around USD3.5 billion, on account of the assumption of certain debt obligations relating to LightSquared’s contracts with Inmarsat and Boeing. Bloomberg notes that the financial details of the package were included in papers filed yesterday in bankruptcy court in Manhattan.
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