LightSquared reaches bankruptcy deal, without Ergen

June 27 Fri Jun 27, 2014 5:48pm EDT

June 27 (Reuters) - 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)

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