ADVFN - Advanced Financial Network.
HOME» NYSE » U » USB Stock Price » USB Stock News

Us Bancorp Share News

 U.s. Bancorp (de) Stock Price
USB Stock Price
 U.s. Bancorp (de) Stock Chart
USB Stock Chart
 U.s. Bancorp (de) Stock News
USB Stock News
 U.s. Bancorp (de) Company Information
USB Company Information
 U.s. Bancorp (de) Stock Trades
USB Stock Trades

LightSquared Reaches Deal With Biggest Lenders on Cash Use

By Joseph Checkler NEW YORK--LightSquared on Wednesday said it reached a deal with its largest lender group that will allow the wireless satellite provider to use the cash secured by its loans, nearly 48 hours after a judge told the company and the investors to work out their differences. Judge Shelley C. Chapman of U.S. Bankruptcy Court in Manhattan said she will read and review the changes to LightSquared's request to use the roughly $190 million in cash before deciding whether to approve it. The company satisfied the concerns of an ad hoc group of lenders owed $1.1 billion who were worried that they wouldn't be adequately protected in the case. Milbank, Tweed, Hadley & McCloy LLP's Matthew S. Barr, a lawyer for LightSquared, said the company will provide a budget of how it will use the money, as well as pay the lender group $6.25 million per month for fees and other expenses, with any leftover money going toward interest on the loans. The lenders had argued for those provisions in court papers, although they originally wanted about $8 million. The lender group holds $1.1 billion of a $1.7 billion chunk of debt secured by all of LightSquared's assets and includes hedge-fund managers Appaloosa Management LP, Fortress Investment Group LLC (FIG) and Silver Point Capital LP. Further details on the accord will be filed later Wednesday with the court, Mr. Barr said. The lenders had balked at LightSquared's attempt to use the cash, citing concerns about the company's uncertain future after the Federal Communications Commission shot down the company's attempt to use broadband spectrum. In addition, the lenders will get 60 days to investigate whether it can purse claims against "nonaffiliates" of the company and a year to pursue claims against "affiliates." The latter almost certainly refers to Phil Falcone and his hedge-fund firm, Harbinger Capital Partners, which controls the company. Earlier this week, LightSquared said it expects to file within a few days details of the debtor-in-possession, or DIP, loan it negotiated with a unit of U.S. Bancorp (USB), which represents a separate group of LightSquared's prebankruptcy lenders. That group holds more than $320 million in loans that are secured by the company's leases on some wireless spectrum and equity interest in that spectrum. The company on Wednesday said that it might also secure a DIP loan from the larger lender group. LightSquared's stated goal of building a wireless broadband network that could provide satellite cellphone service to 260 million Americans by the end of 2015 was thrown into disarray when the FCC said the network could interfere with global-positioning systems. Already saddled with heavy debts, the company filed for bankruptcy protection last month. Falcone and Harbinger own most of LightSquared's stock, having invested billions of dollars into a venture that sought to compete with communications heavyweights such as AT&T Inc. (T) and Verizon Wireless. But efforts to build a national network stalled as the FCC began to raise its issues. The company plans to use the breathing room of Chapter 11 to resolve these regulatory issues, address its more than $2 billion debt load and raise new capital to build out its network. (Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection. Go to http://dbr.dowjones.com) Write to Joseph Checkler at joseph.checkler@dowjones.com.

Stock News for Us Bancorp (USB)
DateTimeHeadline
05/06/201508:00:00Small Business Optimism Hits New High in 2015 U.S. Bank Small...
05/06/201503:29:14U.S. Bancorp Lifted to Market Perform at Keefe, Bruyette & Woods...
05/04/201509:00:00U.S. Bank Names Rex Rudy Head of Commercial Real Estate Division
05/03/201520:10:02Is There a Stock Market Bubble in Bank Stocks?
05/02/201513:05:02The Best Way to Invest Money in Bank Stocks
04/30/201514:15:023 Banks Best Positioned to Survive the Next Recession
04/30/201508:30:00U.S. Bank Named Top 100 Logistics IT Provider by Inbound Logistics
04/28/201509:55:02Analyzing Bank Stocks the Easy Way
04/28/201507:01:033 Bank Stocks You Could Buy and Hold Forever
04/27/201516:17:24Statement of Changes in Beneficial Ownership (4)
04/25/201520:07:02Here's Today's Best Big Bank Stock
04/25/201510:09:02U.S. Bancorp CEO Predicts a "Tsunami" of Economic Activity Before...
04/24/201516:12:32Statement of Changes in Beneficial Ownership (4)
04/24/201516:12:09Post-effective Amendment to an S-8 Filing (s-8 Pos)
04/24/201516:11:42Post-effective Amendment to an S-8 Filing (s-8 Pos)
04/24/201516:08:37Securities Registration: Employee Benefit Plan (s-8)
04/23/201518:33:34Justice Department Sues Quicken Loans -- 2nd Update
04/23/201517:27:56Justice Department Sues Quicken Loans -- Update
04/23/201516:17:26Current Report Filing (8-k)
04/22/201517:48:55Statement of Changes in Beneficial Ownership (4)

Us Bancorp and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad