Philip Falcone’s telecom start-up LightSquared edged closer to a bankruptcy filing yesterday as the hedge fund manager was far from an agreement with creditors, sources familiar with the matter said.

Falcone has until 5 p.m. today to reach an agreement or face a default on a $1.6 billion loan, sources said.

Creditors have been negotiating to restructure LightSquared’s 96 percent ownership by Falcone’s Harbinger Capital Partners.

“The bondholders are asking for conditions they know Harbinger and Phil cannot agree to,” a source said.

Falcone didn’t respond to a request for comment. Reps for Harbinger and LightSquared declined to comment.

Debt holders could have declared a default on the loan, which would have forced a bankruptcy, if there was no agreement by April 30.