By Nick Brown NEW YORK (Reuters) – LightSquared gained momentum this week in its effort to end its three-year bankruptcy after a judge dealt a blow to its main creditor and adversary, Charles Ergen, ahead of a week-long trial on its latest debt restructuring plan. LightSquared, the would-be wireless provider owned by Phil Falcone’s Harbinger Capital Partners hedge fund, on Monday will begin seeking U.S. Bankruptcy Court approval for a plan to exit Chapter 11, repay lenders and transfer some equity to Fortress Investment Group and Centerbridge Partners. LightSquared must convince bankruptcy Judge Shelley Chapman, in New York, that the plan is fair to creditors. The company filed for Chapter 11 and shelved its planned wireless network in May 2012, when the Federal Communications Commission revoked its spectrum license over concerns of interference with global positioning systems.
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