Self-styled ‘corporate raider’ Carl Icahn has sold his US250 million debt holdings in Philip Falcone's ill-fated telecoms start-up LightSquared, Reuters reports, while Falcone continues to negotiate with creditors to avoid a debt default. News of Icahn's debt sale comes as the venture’s remaining creditors reportedly agreed to a second week-long extension, until 14 May, for Falcone to reduce his firm, Harbinger Capital Partners', 96% equity stake in LightSquared. Icahn, who was perceived to be one of the main driving forces behind attempts to coerce Falcone to reduce his role in LightSquared, is believed to have made a big profit on the sale, according to the sources familiar with the matter.
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OVETEL Corporate raider cashes in on LightSquared debt
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