Centerbridge Reaches Tentative Deal for LightSquared Takeover
Private-equity firm Centerbridge Partners LP reached a tentative deal to buy LightSquared Inc. out of bankruptcy proceedings, said people familiar with the matter, potentially upstaging a bid by Dish Network Corp. to take over the wireless telecommunications firm.
Centerbridge proposed paying roughly $3.3 billion for the wireless venture, backed by financier Philip Falcone, and assuming about $1.7 billion in various liabilities, the people said. The deal would be executed under a bankruptcy reorganization plan, one of the people said.