A wholly owned subsidiary of DISH Network , L-Band Acquisition, has put forth a plan to purchase substantially all of the assets of LightSquared for $2.22 billion in cash, plus the assumption of some of LightSquared's liabilities, according to a filing DISH made today with the SEC.
L-Band Acquisition was formed with the purpose of making a bid for LightSquared's assets, and it has entered into an agreement with certain senior secured lenders to LightSquared to support and pursue confirmation of a reorganization plan for LightSquared. LightSquared declared bankruptcy in May 2012 with assets of $4.48 billion and debt of $2.29 billion.
Any acquisition would be subject to approval by the bankruptcy court, the FCC, and the Canadian Federal Department of Industry.
The article DISH Makes Bid for LightSquared originally appeared on Fool.com.
Fool contributor Dan Radovsky and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.