LightSquared edging closer to bankruptcy filing

Sun May 13, 2012 1:55pm EDT

May 13 (Reuters) - Philip Falcone's telecom start-up LightSquared edged closer to a bankruptcy filing on Sunday as the hedge fund manager was far from an agreement with creditors, sources familiar with the matter said.

Falcone has until Monday at 5 p.m. EDT (2100 GMT) to reach an agreement or face a default on a $1.6 billion loan, sources said.

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