NEW YORK, May 6 (Reuters) – Billionaire investor Carl Icahn
has sold his $250 million debt holdings in Philip Falcone’s
telecom start-up LightSquared [MOSAV.UL], while Falcone
continues to negotiate with creditors to avoid a debt default,
according to sources familiar with the matter.
News of Icahn’s debt sale comes as remaining creditors
agreed to a second week-long extension until May 14 of their
talks with Falcone about reducing his firm, Harbinger Capital
Partners’ 96 percent equity stake in LightSquared.
NEW YORK (Reuters) – Billionaire investor Carl Icahn has sold his $250 million debt holdings in Philip Falcone’s telecom start-up LightSquared MOSAV.UL while Falcone continues to negotiate with creditors to try to avoid a debt default, according to sources familiar with the matter.
News of Icahn’s debt sale comes as remaining creditors agreed to a second week long extension until May 14 of their talks with Falcone about reducing his firm, Harbinger Capital Partners’ 96 percent equity stake in LightSquared.
NEW YORK, May 6 (Reuters) – Creditors of hedge fund manager
Philip Falcone’s telecom start-up LightSquared have agreed to
extend talks a second week, avoiding a default for now on about
$1.6 billion of debt, according to a source familiar with the
The person, who asked not to be named, said on Sunday that
talks could continue until May 14 as LightSquared’s debt holders
had agreed to extend the deadline.
NEW YORK (Reuters) – Complaints about the shortage of wireless frequencies and a need for U.S. mobile carriers to consolidate will dominate the industry’s largest annual gathering next week, but regulatory uncertainty may leave the sector powerless to deal with its most pressing issues anytime soon.
U.S. wireless operators argue that too many competitors are fighting over a mature market and that they urgently need more spectrum to cope with increasing demand for bandwidth-hungry services such as video and social networking.
BOSTON/NEW YORK, May 2 (Reuters) – Billionaire investor
Philip Falcone may be wishing upon a star – the Republican super
strategist kind, that is – to keep his ailing telecom start-up
LightSquared Inc alive.
With only days to go before hitting a new deadline set by
LightSquared’s debtors and lacking regulatory authority to move
forward with his business plans, Falcone is leaning on Karl
Rove, one of the Republican party’s most successful political
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.
NEW YORK, April 29 (Reuters) – Hedge fund manager Philip
Falcone’s LightSquared is avoiding a default for now on about
$1.6 billion of debt after creditors of the upstart wireless
telecom company agreed to extend negotiations for a week, source
familiar with the matter said.
The holders of LightSquared’s debt, who include billionaire
investor Carl Icahn and hedge fund manager David Tepper, had
given Falcone’s Harbinger Capital until 10 a.m. Monday to strike
a deal for restructuring Harbinger’s 96 percent equity control
of LightSquared, the source said.
April 26 (Reuters) – Clearwire Corp’s first-quarter
revenue beat Wall Street expectations due to strength in its
retail business, and its loss narrowed as it cut costs, sending
its shares up 6 percent.
The company, majority owned by Sprint Nextel, also cut
its capital spending budget for the year even as it kept its
network upgrade deadline for end of June 2013.
By Sinead Carew
(Reuters) – Sprint Nextel’s (S.N: Quote, Profile, Research, Stock Buzz) stronger than expected wireless operating income helped it post a quarterly net loss that was narrower than Wall Street estimates.
But investors shrugged off the surprise, which one analyst attributed partly to slower than expected spending related to a network upgrade project.
NEW YORK (Reuters) – AT&T Inc (T.N: Quote, Profile, Research) reported a higher-than-expected quarterly profit on Tuesday, sending its stock up as much as 4 percent, as a decline in iPhone sales reduced the amount of cash it had to pay Apple Inc (AAPL.O: Quote, Profile, Research) and boosted its margins.
Apple shares fell almost 2 percent after AT&T also said its numbers should improve further in coming quarters when it expects recent upgrade policy changes to temper smartphone sales further.