Simpson Thacher Represents JPMorgan Chase & Co. in LightSquared Inc.’s Reorganization
04.02.15
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The Firm is representing JPMorgan Chase & Co. and various of its affiliates in connection with LightSquared Inc.’s chapter 11 reorganization. After three years in bankruptcy, on March 26th the Bankruptcy Court confirmed a plan of reorganization for LightSquared that was sponsored by JPMorgan, Fortress Capital, Centerbridge Partners and Harbinger Capital Partners. The effectiveness of the plan of reorganization is subject to FCC and other regulatory approval and is expected in late 2015. JPMorgan’s investment is in excess of $400 million, and pursuant to the confirmed plan of reorganization it will hold debt, preferred equity and 21.25% of the common stock in reorganized LightSquared.
LightSquared provides mobile satellite services and holds approximately 45 megahertz of spectrum that it intends to utilize for a nationwide mobile broadband network.
The Simpson Thacher team for the transaction includes Sandy Qusba, Elisha Graff, Nicholas Baker, Katie McDonough and Christine Marshall (Restructuring); Soogy Lee and Adam Weiner (Banking & Credit); Marcy Geller, Jonathan Goldstein and George Davis (Tax) and Ed Chung (M&A).