On Monday in Manhattan, wireless venture LightSquared will ask a judge to send its newest reorganization plan to certain creditors for a vote. The $2.65 Bankruptcy Lawyer billion plan isn?t contingent on regulatory approval for its network and doesn?t include participation from Dish Network Corp. or its chairman Charlie Ergen, a major LightSquared debt holder. The restructuring, backed by Fortress Investment site Group , is scaled down from a $4 billion Fortress-led reorganization that LightSquared abandoned earlier. The new plan requires less funding because LightSquared would emerge from bankruptcy proceedings much sooner than under the previous proposal. Phil Falcone?s Harbinger Capital Partners, which currently controls LightSquared, would participate in the new financing and retain an equity stake. Also in Manhattan Monday, Atlantic Express Transportation Corp. will ask a bankruptcy judge to approve National Express Corp.'s $11.75 million bid for its Philadelphia school district busing operations. Following a Feb. 11 auction, National Express emerged with the highest offer for the Philadelphia-based assets, which include 364 buses. National Express already provides busing services in Philadelphia and is one of the largest contractors in the student transportation market in the U.S. On Wednesday, women?s clothing retailer Dots LLC plans to auction itself off at the Livingston, N.J., office of its bankruptcy counsel, Lowenstein Sandler LLP. The Ohio-based chain, which targets ?price-conscious women,? has received a bid from liquidator Gordon Brothers Retail Partners for its remaining stores, has already closed stores since filing for Chapter 11 last month and says it needs a buyer for its roughly 360 that remain.
The company filed for bankruptcy Jan. 20 with more than $100 million in debt. The economic troubles that struck most retailers worsened for Dots in 2011, when its executives noticed that store traffic had begun to drop. -Tom Corrigan and Jacqueline Palank contributed to this article. Write to Joseph Checkler at firstname.lastname@example.org . Follow him on Twitter at @JoeCheckler . Update: Dots has named Gordon Brothers Retail Partners as lead bidder in the auction. <br>For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2014/02/21/forward-motions-the-week-ahead-in-bankruptcy-2/?mod=WSJBlog