Icahn sells debt holding in LightSquared-sources
NEW YORK |
NEW YORK May 6 (Reuters) - Billionaire investor Carl Icahn has sold his $250 million debt holdings in Philip Falcone's telecom start-up LightSquared, sources familiar with the matter said on Sunday.
Icahn sold the debt on Thursday for about 60 cents on the dollar, compared with the roughly 40 cents on the dollar price that he paid for the debt just months before, according to the sources who asked not to be named.
The sale comes as Harbinger Capital Partners, which owns roughly 96 percent of LightSquared, has been negotiating with its creditors to avoid a default on $1.6 billion in debt. (Reporting By Sinead Carew and Matthew Goldstein; Editing by Marguerita Choy)
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