Court Approves DirecTV Latin America’s Reorganization Plan
The U.S. Bankruptcy Court in Wilmington, Del., has approved DirecTV Latin America‘s plan of reorganization, setting the stage for the Hughes Electronics‘ [NYSE: HS] subsidiary to emerge from Chapter 11. The unit expects that the plan will become effective by the end of February.
DirecTV Latin America filed for relief under Chapter 11 in March of 2003 to address financial and operational challenges. The filing applied only to the U.S. entity and did not include operating companies in Latin America and the Caribbean, which have continued regular operations.