New York billionaire Philip Falcone’s wireless communications start-up, LightSquared, is going through some difficult times.

After receiving a conditional waiver from the FCC and investing billions of dollars into a nationwide 4G wireless network, the project is being postponed indefinitely. The FCC claims the network may interfere with crucial GPS systems and has since retracted LightSquared’s waiver.

The company may be facing bankruptcy unless a deal to appease its creditors is reached. One of the conditions of such a deal includes Philip Falcone stepping down as the company’s public figurehead. Mr. Falcone, a registered Republican, is accused of receiving preferential treatment from the Obama administration.

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Reddy Ice Holdings, Inc has now filed for bankruptcy protection after struggling financially since 2007.

In 2007, the government began to investigate Reddy Ice along with competitors, Arctic Glacier and Home City for trying to eliminate rivals by keeping the prices above market level.

Reddy Ice and Arctic Glaciers both face heavy debt from battling these government lawsuits. Officials have always expected that these two companies would merge because they are the two largest distributors in ice industry. Combined, the companies have lost nearly $300 million in stocks.

Arctic Glacier, based out of Canada, filed for bankruptcy earlier this year, and has been searching for a buyer. Officials have thought that it would make the most sense for Reddy Ice to purchase the company because of they distribute to similar geographic regions and have similar business objectives. Reddy Ice listed assets totaling to $434 million and debt totaling to over $530 million.

If you or a loved one has been searching for  a way of debt, you need representation on your side that can help you decide your best options. Contact the Cedar Rapids business bankruptcy lawyers of the Hong Law by calling 319-632-1400 today.