Public Notice Issued in LightSquared Bankruptcy

The FCC set deadlines for comments on LightSquared's bid for regulatory approval of its emergence from Chapter 11 bankruptcy and the transfer of its licenses and authorizations to its reorganized self. The FCC on Monday issued a 10-page public notice in IB docket 15-126. The notice gives a brief rundown of the reorganizational changes for the company, including ownership of its common stock and makeup of the new board. LightSquared said it also wants a declaratory ruling from the FCC permitting foreign ownership of its U.S.-organized parent company, New LightSquared. Foreign firms would hold indirect equity interests in New LightSquared of 40 percent to 70 percent. The deadline for initial comments is July 1, with the deadline for responses and opposition to petitions being July 13. Responses to those responses, and to oppositions, are due by July 20.