A LightSquared at the end of the tunnel? PE firm lodges USD3.3bn offer for bankrupt start-up

12 Dec 2013

Centerbridge Partners, a New York-based private equity firm, is set to acquire bankrupt US wireless start-up LightSquared for USD3.3 billion, a person familiar with matter has told Bloomberg. However, the offer price does not include around USD1.7 billion in loans and liabilities, it has been suggested. Ill-fated LightSquared, currently backed by Phil Falcone’s Harbinger Capital, had been seeking to reorganise itself by selling most of its spectrum assets via auction. Charlie Ergen, owner of US satellite TV giant DISH Network, had been the lead bidder for the airwaves, after tabling a USD2.22 billion offer, but this week’s auction was abruptly cancelled, dashing his plans.

United States, DISH Network, Ligado Networks (formerly LightSquared)