Since a judge approved its exit financing last month, LightSquared’s path for getting out of bankruptcy now hinges on the Federal Communications Commission giving the nod to transfer LightSquared’s spectrum license to its new owners: JPMorgan Chase & Co., Fortress Investment Group LLC and Centerbridge Partners LP, Bloomberg News reported today. But it lacks the one thing that will be the biggest factor in whether it can survive outside a court’s protection — FCC approval to operate its satellite-based wireless network. The FCC has no deadline to decide on the use of the spectrum, and the Justice Department has asked for time to vet foreign interests in the new ownership structure, leaving it unclear when the license transfer may be decided.
