Some of LightSquared Inc.'s lenders want hedge-fund manager
Philip Falcone to step aside as the public face of the wireless communications
firm as a condition for avoiding a looming debt default, said people familiar
with the matter, the Journal reports.
The lenders are in talks with representatives of Mr.
Falcone, the founder of Harbinger Capital Partners LLC and LightSquared's main
backer, over possibly extending a waiver on debt-term violations that expires
Monday, the people said.
If Mr. Falcone doesn't agree to eventually leave
LightSquared's board and make way for new executives and directors at the
wireless communications firm, lenders are likely to balk ...
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