LightSquared Inc., Philip Falcone’s bankrupt wireless spectrum company, resolved a dispute with lenders on bidding procedures that the company had said could have foiled a $2 billion offer for its assets, Bloomberg News reported yesterday. The auction procedures will be submitted for formal court approval, Matthew S. Barr, an attorney for LightSquared, told Bankruptcy Judge Shelley Chapman yesterday. Under the agreement, an independent committee will oversee the auction. The lenders, who hold $1.4 billion of $1.7 billion in debt of LightSquared’s LP unit, had objected to a plan that it said would have given Falcone’s investment company, Harbinger Capital Partners LLC, too much power to choose the winning bid. The group said Harbinger opposed any sale of LightSquared assets.
