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[Satellite TODAY 08-24-09] ProtoStar will sell its two satellites, ProtoStar 1 and ProtoStar 2, at an Oct. 14 auction, following a decision by the U.S. Bankruptcy Court of Delware granting approval of the sale, according to court papers released Aug. 24.
The assets auction includes the two satellites plus related ground equipment, software and service contracts.
ProtoStar, owned by MHR Fund Management, New Enterprise Associates and Vantage Point Venture Partners, filed for bankruptcy in July, listing assets of $528 million and debt of $463 million, including units not in bankruptcy, as of Dec. 31.
The company’s deadline for bids is Oct. 8. After the auction, ProtoStar will request a hearing with the bankruptcy court to approve the sale between Oct. 19 and Oct. 23.
ProtoStar also requested the court’s permission to appoint a lead bidder for the assets. The court said the request would be considered at a later date.
The assets auction includes the two satellites plus related ground equipment, software and service contracts.
ProtoStar, owned by MHR Fund Management, New Enterprise Associates and Vantage Point Venture Partners, filed for bankruptcy in July, listing assets of $528 million and debt of $463 million, including units not in bankruptcy, as of Dec. 31.
The company’s deadline for bids is Oct. 8. After the auction, ProtoStar will request a hearing with the bankruptcy court to approve the sale between Oct. 19 and Oct. 23.
ProtoStar also requested the court’s permission to appoint a lead bidder for the assets. The court said the request would be considered at a later date.
Related Stories-
ProtoStar to Sell Satellites, Operate Through Bankruptcy [Satellite TODAY 08-04-09]
Industry Reacts to ProtoStar Bankruptcy [Satellite Today 08-01-09]
ProtoStar Files for Chapter 11 Bankruptcy Protection [Satellite Today 07-29-09]
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