In an effort keep the troubled LightSquared from the threshold of defaulting on its debt, its founder will step down from the corporate. While it doesn't look immediate, (people "acquainted with the negotiations" are using the word "eventually") it's Philip Falcone's latest try and extend a debt-term violation that expires this morning. In step with the similar sources, if the initial extension is okayed, Falcone and LightSquared's lenders are aiming for a better period of around 18 months to repay $1.6 billion in loans and pass the FCC's requirements for its network. The company's board remains to be deliberating on whether to just accept the deal, which might stop the corporate filing for bankruptcy protection. Unfortunately, it appears like those new 4G network dreams just got hazier.
From WhatNewsToday.net
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