[Satellite Today 07-29-09] ProtoStar and its five affiliates have filed for Chapter 11 bankruptcy protection, the U.S. Bankruptcy Court of Deleware confirmed.
            The case, number 09-12658, was registered with the court July 29. ProtoStar has listed assets and liabilities between $100 million to $500 million and lists Philippine Long Distance Telephone Co. as its largest unsecured creditor.
            ProtoStar has two satellites, ProtoStar 1 and 2. ProtoStar 2, built by Boeing, was handed over to ProtoStar in June after completing in-orbit tests and confirming the satellite’s readiness to enter service providing direct-to-home broadcasting and telecommunications services to the Asia-Pacific region.
            According to a Reuters report, court documents show ProtoStar’s working-capital lenders declared an event of default in April, followed by other secured lenders.