Seeking Alpha

Fortress looks to raise $2B to finance LightSquared bid

  • Fortress Investment Group (FIG) is reportedly in talks wth JPMorgan and Credit Suisse for financing of $2B to fund a bid for bankrupt wireless-telecommunications firm LightSquared.
  • The report comes a few days after Fortress' fellow private-equity firm, Centerbridge Partners, abandoned a proposal of $3.3B plus $1.7B in liabilities. That deal would have included Fortress, JPMorgan and investment firm Harbinger Capital as minority shareholders.
  • Dish (DISH) has made a $2.2B offer for LightSquared, although the latter last week canceled a bankruptcy auction in which Dish would have been the opening bidder.
Comments (3)
  • DeepValueLover
    , contributor
    Comments (7838) | Send Message
     
    Good to see Fortress getting active here while money is still cheap.
    22 Dec 2013, 07:31 AM Reply Like
  • King Rat
    , contributor
    Comments (509) | Send Message
     
    True.

     

    Though will equity prices (fall) balance as they would in the housing market?
    23 Dec 2013, 12:01 AM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (3892) | Send Message
     
    FIG has worked out well so far this year; here are some of my other favorite ways to exploit hedge fund strategies passively: http://seekingalpha.co...
    23 Dec 2013, 08:37 AM Reply Like
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