LightSquared proposes $2.65B reorganization plan

LightSquared has filed a new $2.65B restructuring plan that is backed by Fortress Investment Group (FIG) and isn't contingent on the bankrupt wireless company receiving regulatory approval for its network, unlike in a previous $4B reorganization.

Fortress, Melody Capital and current LightSquared owner Harbinger would help provide financing and share control of LightSquared.

The funding doesn't include the participation Dish Network (DISH) Chairman and LightSquared debt-holder Charlie Ergen, who would be paid in the form of new debt

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