LightSquared has a busy week in bankruptcy court next week as a trial over Dish Network Corp. Chairman Charles Ergen‘s debt comes to a close and what is expected to be a weeks-long plan-confirmation trial begins.
Closing arguments are expected Monday in a trial over whether Mr. Ergen improperly acquired LightSquared debt for Dish Network rather than on his own behalf. The decision could bolster Mr. Ergen’s recoveries as a major LightSquared debt-holder or leave him lower on the totem pole if it is found his debt wasn’t properly acquired.
Although closing arguments are Monday, a decision isn’t expected right away. Nevertheless, LightSquared is kicking off its confirmation hearing on Wednesday. The hearings are expected to continue through the end of March.
The company is pursuing a plan led by Fortress Investment Group LLC that calls for a $1.65 billion loan while the company is in bankruptcy, and then a fresh $1 billion loan to finance the company once it exits Chapter 11.
On Tuesday and Wednesday, Advantage Rent a Car will be in bankruptcy court requesting approval of its plan to auction 27 car rental sites separately from its sale to Catalyst Capital Group Inc.
On Friday, Tuscany International Drilling Inc. will ask the U.S. Bankruptcy Court in Wilmington, Del., to approve its plan to auction assets. The Canadian oil-and-gas company is looking to hold an auction on May 2, with a $155 million offer from company lenders to kick off bidding.
Write to Stephanie Gleason at stephanie.gleason@wsj.com. Follow her on Twitter at @stephgleason.
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