LightSquared Inc.’s plan to exit from bankruptcy may not be approved by the Federal Communications Commission by the end of the year, the agency said in a court filing, Bloomberg News reported yesterday. The FCC said in a Jan. 17 filing that it is not in a position to confirm whether it will be able to complete the work required to approve the plan by Dec. 31. LightSquared, controlled by Philip Falcone’s Harbinger Capital Partners LLC, is seeking to exit bankruptcy through a plan supported by Fortress Investment Group LLC, JPMorgan Chase & Co. and Melody Capital Advisors LLC. The FCC also said that it plans to issue a notice of proposed rulemaking to address the use of wireless spectrum by another federal stakeholder, a development that a Wells Fargo analyst, Marci Ryvicker, said amounts to “cold water” being thrown on the Fortress-supported plan, as it might take more than a year.
