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LightSquared remains as overseer of its bankruptcy case
LightSquared won the temporary right to keep control over its Chapter 11 bankruptcy case under a federal judge's order that approved an agreement between the wireless satellite company and its lenders. The company has until May 31 to file a bankruptcy plan and until July 15 to solicit votes for its approval without having to deal with rival schemes. Under the agreement, LightSquared can only propose a plan that fully reimburses the lenders and other creditors in cash or one that the lenders will support.
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