UPDATE: LightSquared Files for Bankruptcy
Tweet Send to a FriendGet Alerts LEAP Hot Sheet
Down)
Trade LEAP Now!
(Updated - May 14, 2012 3:08 PM EDT)
LightSquared Inc. officially filed for Chapter 11 protection in US Bankruptcy Court Monday. The company's filing listed slightly more than $1 billion in assets and debt.
The news comes as majority owner (about 74 percent at the end of January) Philip Falcone refused to step down despite creditors calls for his departure.
Related stocks in the Communications Services sector did not seem to move following the news. Leap (Nasdaq: LEAP), Clearwire (Nasdaq: CLWR), and Sprint (NYSE: S), to name a few, are largely unchanged following the announcement.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
LightSquared Inc. officially filed for Chapter 11 protection in US Bankruptcy Court Monday. The company's filing listed slightly more than $1 billion in assets and debt.
The news comes as majority owner (about 74 percent at the end of January) Philip Falcone refused to step down despite creditors calls for his departure.
Related stocks in the Communications Services sector did not seem to move following the news. Leap (Nasdaq: LEAP), Clearwire (Nasdaq: CLWR), and Sprint (NYSE: S), to name a few, are largely unchanged following the announcement.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- DISH Network (DISH) Remains Concerned Over National Security Interests in SoftBank/Sprint Deal
- Brocade (BRCD), A10 Settle Litigation; Brocade to Get $5M Cash, $70M Conv. Note
- InterOil (IOC) Enters negotiations with ExxonMobil (XOM) on Development Of The Elk And Antelope Resource
Create E-mail Alert Related Categories
Corporate NewsRelated Entities
Harbinger Capital, Bankruptcy
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
