Carl Icahn unloads his LightSquared debt, creditor talks trudge on

Carl Icahn is no stranger in this field -- he's been caught tussling with Motorola and bidding Yahoo's board adieu in recent years -- and most recently, he's managed to get caught up in one of the bigger wireless whirlwinds this planet has ever seen. Just months after Icahn swooped in to buy some $250 million in company debt at around 40 cents on the dollar, he has managed to offload that very chunk for 60 cents on the dollar. Not surprisingly, his cash coffers are growing in turn, despite LightSquared's position as a whole looking only marginally less bleak. According to a Reuters report, creditors have agreed to another week-long extension (until May 14th) in order to talk things over with head honcho Philip Falcone. As of now, the startup has around $1.6 billion in debt, and while talks may delay the pain, we're still not getting the impression that the FCC (or anyone else, really) is warming to its propositions. Then again, maybe Facebook can just buy it in an act of charity prior to its IPO.

Carl Icahn unloads his LightSquared debt, creditor talks trudge on originally appeared on Engadget on Wed, 09 May 2012 03:11:00 EDT. Please see our terms for use of feeds.

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