Hedge-fund manager Philip Falcone agreed to step aside
eventually as the public face of his LightSquared Inc. venture, a concession
that may keep the wireless-telecommunications company from defaulting on its
debt, people familiar with the negotiations told the Wall St Journal.
Falcone's compromise is expected to prompt LightSquared's
lenders to approve a one-week extension on a debt-term violations waiver that
expires Monday morning, the people said.
If a deal is finalized, Falcone and LightSquared's lenders
plan to continue negotiations for a longer extension of somewhere between 18
months and two years, the people said….
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