A group of lenders to Philip A. Falcone’s LightSquared Inc. proposed a reorganization plan for the company, saying that its LP unit should be sold at auction with the lead offer from an entity owned by Dish Network Corp., Bloomberg News reported yesterday. L-Band Acquisition LLC, wholly owned by Dish, raised its offer for LightSquared’s assets to $2.2 billion by adding $220 million in cash under certain conditions, Tom Lauria, a lawyer for the lenders, said yesterday in court. LightSquared has refused to meet with L-Band. Bankruptcy Judge Shelley Chapman admonished lenders’ lawyers for not telling her in advance that they intended to file the plan before yesterday’s hearing. The hearing was scheduled to consider a timeline for LightSquared to receive proposals. Judge Chapman approved a timeline that requires competing bids by the end of the day on Dec. 6 and sets a hearing to confirm a final plan to begin Dec. 10.
