LightSquared Inc. reached an agreement with one group of lenders for a loan and is in talks with other debt holders to use their cash collateral in a bid to avoid liquidation, Bloomberg News reported yesterday. LightSquared is seeking permission from a group that owns $1.1 billion of debt in its so-called LP unit to use $190 million in collateral, company lawyer Matthew Barr told Bankruptcy Judge Shelley Chapman yesterday. Judge Chapman adjourned the hearing until today to allow the parties more time to negotiate after saying that a productive meeting took place yesterday during a court break. The company, backed by Philip Falcone, has been in a dispute with the debt-holders group since the outset of its chapter 11 case.
