On May 14, 2012, LightSquared Inc. and various of its affiliates (listed below and collectively, "LightSquared" or the "Chapter 11 Debtors") filed voluntary petitions under chapter 11 of title 11 of the United States Code (the "Chapter 11 Proceedings") in the United States Bankruptcy Court for the Southern District of New York (the "U.S. Court"). The Chapter 11 Debtors include three Canadian Companies, namely, LightSquared Corp., SkyTerra Holdings (Canada) Inc. and SkyTerra (Canada) Inc. Collectively, the Chapter 11 Debtors also carry on business in Canada under the name LightSquared. In connection with the Chapter 11 Proceedings, the U.S. Court has appointed LightSquared LP as the foreign representative of the estates of the Chapter 11 Debtors (the "Foreign Representative").
Upon application made by the Foreign Representative under section 46 of the Companies' Creditors Arrangement Act (the "CCAA Recognition Proceedings"), the Canadian Court has, on May 18, 2012, granted an Initial Recognition Order and a Supplemental Order that, among other things:
(i) recognize the Chapter 11 Proceedings as a "foreign main proceeding";
(ii) recognize LightSquared LP as the Foreign Representative in respect of the Chapter 11 Proceedings;
(iii) recognize certain orders granted by the U.S. Court in the Chapter 11 Proceedings;
(iv) stay all claims against the Chapter 11 Debtors; and
(v) appoint Alvarez & Marsal Canada Inc. as Information Officer with respect to the CCAA Recognition Proceedings.
The Chapter 11 Debtors are as follows:
LightSquared Investors Holdings Inc.
One Dot Four Corp.
One Dot Six Corp.
SkyTerra Rollup LLC
SkyTerra Rollup Sub LLC
SkyTerra Investors LLC
TMI Communications Delaware, Limited Partnership
LightSquared GP Inc.
ATC Technologies, LLC
LightSquared Finance Co.
LightSquared Network LLC
LightSquared Inc. of Virginia
LightSquared Subsidiary LLC
Lightsquared Bermuda Ltd.
SkyTerra Holdings (Canada) Inc.
SkyTerra (Canada) Inc.
One Dot Six TVCC Corp.
If you have any questions regarding this matter, please contact the Information Officer at the following address: