TerreStar files for Chapter 11
Posted: Thu, Oct 21, 2010, 8:47 AM ET (1247 GMT)
Mobile satellite operator TerreStar filed for Chapter 11 bankruptcy protection on Wednesday with the support of its largest creditor, another satellite operator. TerreStar, in its filing Wednesday morning, said it had $1.6 billion in debts versus $1.4 billion in assets. EchoStar, its largest creditor, has provided a $75-million loan to TerreStar to allow it to continue operating while the court reviews a restructuring plan; the bankruptcy court gave its interim approval to the loan late Wednesday. TerreStar operates a large GEO satellite designed to provide mobile communications across North America but has signed up few customers for the service to date.
Mobile satellite operator TerreStar filed for Chapter 11 bankruptcy protection on Wednesday with the support of its largest creditor, another satellite operator. TerreStar, in its filing Wednesday morning, said it had $1.6 billion in debts versus $1.4 billion in assets. EchoStar, its largest creditor, has provided a $75-million loan to TerreStar to allow it to continue operating while the court reviews a restructuring plan; the bankruptcy court gave its interim approval to the loan late Wednesday. TerreStar operates a large GEO satellite designed to provide mobile communications across North America but has signed up few customers for the service to date.
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