LightSquared, committee ask court to postpone bid procedures hearing

By Caroline Salls

Pittsburgh, Sept. 23 - LightSquared Inc. and a special committee of its board of directors asked the U.S. Bankruptcy Court for the Southern District of New York for a one-week adjournment of the Sept. 24 hearing for approval of the bid procedures for the company's proposed asset sale, according to a Monday court filing.

The special committee was elected on Sept. 16 and Sept. 17 and empowered to make binding decisions in connection with the asset sale and plan of reorganization processes.

The committee said it believes the requested adjournment will give it time to meet with each of the constituents, analyze the open issues concerning the LightSquared bid procedures and lender bid procedures and begin seeking potential resolution of those issues before returning to court.

LightSquared is a Reston, Va.-based wholesale-only 4G-LTE network integrated with satellite coverage. The company filed for bankruptcy on May 14, 2012 under Chapter 11 case number 12-12080.

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