June 27 LightSquared has reached a mediated deal to bring the wireless communications company out of its Chapter 11 bankruptcy, according to report from the mediator who lashed out at Charles Ergen, a large creditor and satellite TV mogul.
"All of the parties to the mediation have agreed on the key business terms of a chapter 11 plan for the debtors that should be confirmable without the support of the one party, SPSO," wrote mediator Robert Drain in a court filing. SPSO is the investment vehicle of Ergen, who is chairman of Dish Network .
"SPSO/Charles Ergen have not participated in the mediation in good faith and have wasted the parties and the mediator's time and resources," wrote Drain, who is also a U.S. Bankruptcy Court Judge in New York. (Reporting by Tom Hals in Wilmington, Delaware; Editing by Chris Reese)