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Wireless

Dish withdraws bid for LightSquared

Monday 13 January 2014 | 07:59 CET | News
Satellite TV provider Dish Network has withdrawn its USD 2.2 billion bid to buy bankrupt wireless broadband company LightSquared. Lawyers involved in LightSquared's bankruptcy confirmed to Reuters that Dish had pulled its bid at the start of a trial 09 January over whether Dish Chairman Charles Ergen had unlawfully bought LightSquared's debt in an effort to take over the company. LightSquared's creditors had supported Dish's bid, but LightSquared itself and its controlling shareholder, Phil Falcone's Harbinger Capital Partners, had opposed it. Harbinger is pushing a separate USD 4 billion

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Categories: Mobile & Wireless
Companies: Dish Network / Harbinger / LightSquared
Countries: United States
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