LightSquared, which has been in bankruptcy last year, may get $2 billion to $2.5 billion in financing backed by Fortress Investment Group. JPMorgan Chase & Co. in talks with lenders, who would need to commit by January 8.
Dish Network Corp
Dish Network Corp., which lost out to Japan's SoftBank in its attempt to buy Sprint Corp., is looking to offer a bid to acquire telecoms company T-Mobile US Inc. Sprint last week said that it is considering to bid for T-Mobile.
Private equity firm Centerbridge Partners has abandoned the deal to buy bankrupt LightSquared. Centerbridge, which had offered $3.3 billion for LightSquared, is uncertain over when federal regulators would approve the company's proposed building of a wireless network.
Private equity firm Centerbridge Partners will pay $3.3 billion and assume about $1.7 billion in debt should it acquire bankrupt telecommunications company LightSquared Inc. Centerbridge and LightSquared were said to have reached a tentative takeover deal.
The following bids, mergers, acquisitions and disposals were reported on Friday including Statoil, Cassa Depositi e Prestiti, ThyssenKrupp, Mercator, Avivasa Emeklilik, Hayat Sigorta, Banca Monte dei Paschi di Siena, Telus Corp, Atrium Innovations and John Hardy
The US Department of Justice objected to four restructuring plans put forth by bankrupt LightSquared and its creditors. The objection will be discussed at a bankruptcy court hearing on December 10 in Manhattan.
According to a lawsuit filed by wireless communications firm LightSquared Inc, Dish Network Corp and its chairman, Charles Ergen had schemed to ensure that the latter would be able to obtain the former's broadband spectrum.
The customer losses of Dish and Charter fueled rumors regarding the possible merger of pay-TV companies.
S&P lowered SoftBank's rating after winning the bid on Sprint.
Crest Financial said it was supporting Sprint's purchase of Clearwire's stake after Spint increased its bid from US$2.97 to US$5.0 per share.
Sprint Nextel, to ease out Dish Network from the picture, upped the ante and offered US$5 per shsre.
Subscribe to VCpost newsletter
Most Popular
- Chicago Teachers Union Urges New Contract, Including $95K Salary, 100% Abortion Coverage, and Migrant Housing Funding
- SSI Payment: Double Social Security Benefits in May? Here’s When You Will Receive Yours!
- US Accuses Russia of Quietly Shipping Refined Petroleum to North Korea at Levels Violating UN Cap
- Affordable Connectivity Program: Congress Fights to Refuel Low-Cost Broadband Program Amid Looming Expiration
- IRS Scrambles to Address Huge Gap in Audit Rates Between Black, Other Taxpayers
- Former Seafood Giant Red Lobster Nears Bankruptcy Due To Declining Sales and Mismanagement
- Former Trump Aide Hope Hicks to Marry Goldman Sachs Exec Jim Donovan
- MeTV Unveils Toons Network Dedicated to Showcasing Warner Bros. Classics; List of Cartoons Revealed