LightSquared Bankruptcy Seen Imminent

(Reuters) - LightSquared Inc , the startup telecommunications company bankrolled by hedge fund manager Philip Falcone, is expected to file for bankruptcy protection in the next hours, sources familiar with the matter said.

By Dividendinvestr: By Renee O'Farrell

NEW YORK (Reuters) - LightSquared creditors are pushing for Philip Falcone's Harbinger Capital Partners to reduce its ownership stake in the money-losing telecommunications start-up as they extend talks to avoid declaring a loan default that would result in bankruptcy. Falcone has told creditors he could reduce his own role in LightSquared if they hold off on declaring a loan default. On Sunday, Falcone and LightSquared creditors agreed to delay a default notice on a $1.6 billion loan for at least a week as they continue their talks. ...