Centerbridge Won’t Proceed With Deal to Buy LightSquared
LightSquared Inc. said Tuesday that Centerbridge Partners LP has backed out of a tentative deal to buy the company out of bankruptcy, although the wireless venture is pursuing a transaction under similar “architecture” with existing stakeholders.
Centerbridge left the deal “for economic and noneconomic reasons,” a LightSquared lawyer said at a hearing Tuesday in Manhattan bankruptcy court. Centerbridge didn’t immediately respond to a request for comment.