LightSquared Nixes Lawsuit Against U.S. Government

LigtSquared LLC, formerly LightSquared Inc. and fresh out of bankruptcy protection, dismissed its lawsuit against the U.S. government. Read the Daily Bankruptcy Review article via The Wall Street Journal.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

WSJ reports that Republicans in Congress on Wednesday offered legislation to help address Puerto Rico’s fiscal crisis, the first time Republicans have endorsed a debt-restructuring overhaul. Meanwhile, the territory’s power authority has stalled debt talks with bond insurers that back its debt, WSJ notes.

General Motors Co. has settled for close to $600 million claims from victims of defective ignition switches in its vehicles, Bloomberg reports.

The Associated Press looks at the signs of improvement and promise from the city of Detroit a year after it has exited bankruptcy.

WSJ looks at the management shake-up at CIT Group Inc.

The Texas-based University Medical Center of El Paso was approved to take over the neighboring El Paso Children’s Hospital out of bankruptcy, DBR reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa