Connectivity

Protostar Bankruptcy Hearing Postponed

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[Satellite TODAY 09-09-09] Protostar’s bankruptcy case was postponed Friday by a Delaware State Supreme Court judge to November, the company confirmed Sept. 8.
Judge Geoffrey Bell pushed the case back to allow for Chapter 11 U.S. bankruptcy proceedings against the firms to progress.
    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.
    ProtoStar will sell its two satellites, ProtoStar 1 and ProtoStar 2, at an Oct. 14 auction, following the court’s approval of the sale in August. The assets auction includes the two satellites plus related ground equipment, software and service contracts. The company’s deadline for bids is Oct. 8.

Related Stories-

ProtoStar to Sell Satellites, Operate Through Bankruptcy   Satellite Today   August 4, 2009
Sale of ProtoStar Assets Could Create Bidding War Satellite News   July 30, 2009
ProtoStar Files for Chapter 11 Bankruptcy Protection   Satellite Today   July 29, 2009

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