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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.

China's Suntech Power Holdings Co. and a group of bondholders will have to wait a little longer before a court showdown over an involuntary bankruptcy petition filed in U.S. federal court against the solar panel maker, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Stewart M. Bernstein said that he would push back a hearing to consider Suntech's bid to dismiss the involuntary bankruptcy petition to Jan. 23 from Jan. 7.

Creditors of Keywell LLC are suing the executives of the recently sold scrap-metal recycler, saying that they engaged in self-dealing that sapped the company of resources while "lining their own pockets," eventually driving the company into bankruptcy, the Wall Street Journal reported today. In a Tuesday bankruptcy court filing, Keywell's unsecured creditors' committee said that among other things, Chief Executive J. Mark Lozier, Chairman Joel D. Tauber and other executives arranged disguised equity infusions through a newly created entity from which they received "illegal" dividends. Keywell filed for chapter 11 in September, blaming the fluctuating price of nickel and slow sales. A judge last week approved private-equity firm Prophet Equity's $15.8 million purchase of the company.

Edison Mission Energy, the independent power producer, won bankruptcy court approval of a description of the terms of a reorganization plan that includes an asset sale to NRG Energy Inc., Bloomberg News reported yesterday. Bankruptcy Judge Jacqueline Cox approved the disclosure statement today, Seth Gastwirth, the lawyer for Edison Mission, said. Creditors will now be asked to vote on the plan, which is supported by “all of the debtor’s major stakeholders,” including the official creditors’ committee and holders of 45 percent of the senior unsecured notes, Edison Mission has said in court papers.

Constar International Holdings LLC, a maker of plastic soda bottles, filed for chapter 11 bankruptcy protection for the third time since 2008, citing a slowdown in business, and plans to sell its assets, Bloomberg News reported yesterday. The Trevose, Pa.-based company listed assets of as much as $100 million and debt as high as $500 million in court papers filed yesterday. Constar is seeking a speedy sale, with Amcor Rigid Plastics USA Inc. the lead bidder, at an undisclosed opening auction price, according to the filings.

Bankruptcy Judge Carol A. Doyle authorized bankruptcy trustee Ira Bodenstein, who is overseeing Peregrine's liquidation, to send the payments out to U.S. and foreign futures customers, the Wall Street Journal reported today. With no objections to the proposed distribution, Judge Doyle told Bodenstein and his lawyers that she would grant the request without them "saying a word" about their motion. U.S. customers will receive $27.5 million of the distribution, the second such payout since Peregrine's collapse into bankruptcy last year following the exposure of its founder's fraud. Foreign customers will get the remaining $13.5 million.

Longview Power LLC won court permission yesterday to start polling creditors on a chapter 11 restructuring that swaps more than $1 billion in debt for equity and provides money to fix its troubled plant, Dow Jones Newswires reported yesterday. Bankruptcy Judge Brendan Shannon signed off on voting materials describing the bankruptcy-exit plan at a hearing yesterday. Once creditors cast their ballots, Longview will return to court to seek confirmation of the chapter 11 exit plan. Under the plan, existing lenders have agreed to provide $150 million to fund emergence and repair the plant, which is in West Virginia.

A U.S. bankruptcy judge yesterday granted the former Anglo Irish Bank Corp. shelter for its U.S. assets, overruling protests from unhappy creditors who allege they were victimized by a rogue institution, Dow Jones Newswires reported yesterday. Bankruptcy Judge Christopher Sontchi said that he would grant a bid for chapter 15 bankruptcy recognition from KPMG's Kieran Wallace and Eamonn Richardson, the officials in charge of running the Irish liquidation of the failed bank. Yesterday's decision in the bankruptcy of the liquidation vehicle that contains the remnants of Anglo Irish means that the U.S. court recognizes the validity of a special liquidation process created by Irish lawmakers to get the country out from under the cloud of the bank's collapse. Loans remaining in the portfolio are being sold, through a special vehicle, Irish Bank Resolution Corp., which also includes the remains of another failed Irish institution. Irish property developer John Flynn and other commercial real estate borrowers attempted to block the grant of U.S. bankruptcy protection to Irish Bank Resolution Corp.

A bankruptcy judge has approved additional bankruptcy financing for Fisker Automotive as the failed electric vehicle maker continues to make its way through a chapter 11 sale process, The News Journal of Wilmington reported today. The judge signed a second interim order on Tuesday authorizing an additional $2.7 million in bankruptcy loans from Hybrid Technologies LLC, Fisker's primary secured lender. That's on top of about $1.7 million in debtor financing from Hybrid that the court previously approved. The money will be used for working capital and bankruptcy expenses as attorneys for Fisker seek court approval of a sale of the company's remaining assets to Hybrid.

Patriot Coal Corp. said it would emerge from chapter 11 protection today after months of wrangling with its unionized workforce and former parent Peabody Energy Corp over cost cuts, Reuters reported today. Patriot declared bankruptcy in July 2012, saying that it needed to cut $150 million a year in employment costs to return to profit. The company, which produces coal for both the steel and power industries, received court permission earlier this year to scrap collective bargaining agreements with its union and draw up new, cost-saving contracts.