Reuters reports that hybrid satellite/3G network operator TerreStar is working with a restructuring team from private equity fund Blackstone Group and is in negotiations with its major creditors, in order to avoid having to file for bankruptcy. The largest equity holder in TerreStar and a significant owner of the company’s debt is Harbinger Capital Partners, which, along with some other investors, is said to be willing to provide funding to continue operations should the company be forced to seek bankruptcy protection. Harbinger is also a backer of LightSquared, a start-up which is planning to build a wholesale LTE network in the US.