A wholly owned subsidiary of DISH Network (NASDAQ:DISH), L-Band Acquisition, has put forth a plan to purchase substantially all of the assets of LightSquared for $2.22 billion in cash, plus the assumption of some of LightSquared's liabilities, according to a filing DISH made today with the SEC.

L-Band Acquisition was formed with the purpose of making a bid for LightSquared's assets, and it has entered into an agreement with certain senior secured lenders to LightSquared to support and pursue confirmation of a reorganization plan for LightSquared. LightSquared declared bankruptcy in May 2012 with assets of $4.48 billion and debt of $2.29 billion.

Any acquisition would be subject to approval by the bankruptcy court, the FCC, and the Canadian Federal Department of Industry.

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