LightSquared is seeking to pay a $200 million breakup fee to the backers of its restructuring, including Fortress Investment Group LLC, in case the mobile satellite company’s chapter 11 exit doesn’t pan out as planned, the Wall Street Journal reported on Saturday. LightSquared said in a Wednesday bankruptcy court filing that Fortress would get nearly half the $200 million, payable only if LightSquared opts for an alternative restructuring proposal. Two other backers of the plan, Centerbridge Partners LP and Sig Holdings Inc., would get the rest. Philip Falcone’s Harbinger Capital Partners, which currently controls LightSquared’s equity and is investing new money in the restructuring, wouldn’t get any of the breakup fee.
