Solus Alternative Asset Management LP said its proposal to pump $2 billion into LightSquared is better than the plan the company has presented, which involves little new money and puts the company in the hands of investors including Centerbridge Partners LP and Fortress Investment Group LLC, Dow Jones Daily Bankruptcy Review reported today. The LightSquared proposal "unfairly discriminates" against other creditors in favor of Fortress, Centerbridge and an entity controlled by JPMorgan Chase & Co., Solus said in one of its two Wednesday filings. Solus wants its proposal to be heard on the same timetable as the LightSquared plan. Judge Shelley C. Chapman yesterday denied Solus's request to shorten the timetable for its plan, but did say that it can be discussed at a hearing next Wednesday.
