Philip Falcone’s LightSquared Inc. may get more than $2 billion in financing sponsored by Fortress Investment Group LLC that would allow him to avoid a sale to Charlie Ergen, Bloomberg News reported on Friday. Falcone has been fighting to keep control of LightSquared’s wireless spectrum assets, facing dwindling cash in bankruptcy and a $2.22 billion offer from an entity owned by Ergen, the chairman of Dish Network Corp. Yesterday, a group of lenders that includes an Ergen-owned fund said all other offers to pay for a reorganization had “vaporized.” JPMorgan Chase & Co. is in talks with lenders to lead $2 billion to $2.5 billion in financing sponsored by Fortress. Lenders would need to commit by Jan. 8, and a condition for closing is regulatory approval to use some of the company’s wireless spectrum.
