Ligado Networks Seeks Fresh Cash, Starts Talks With Creditors

Telecommunications firm Ligado Networkstold investors that it needs to raise fresh cash by mid-December, according to people with knowledge of the situation.

Some of the company’s creditors have started confidential negotiations and submitted financing proposals, said the people, who asked not to be identified because the talks are private. Ligado is controlled by Fortress Investment Group and JPMorgan Chase & Co.

Any financing deal could be complicated by Ligado’s hefty debt load, which trades at distressed levels. The company’s nearly $4 billion of first-lien bonds due 2023 reached a recent low of 30.5 cents on the dollar, according to ...