[Satellite TODAY 04-20-11] TerreStar Networks has requested bankruptcy court approval to auction its assets, saying that the auction would urge its creditors to resolve their differences and come up with a viable alternative to a complete company sale, according to papers filed April 15 with the U.S. Bankruptcy Court of New York.
    TerreStar proposed the auction to be completed by June 8. The company, which filed for Chapter 11 bankruptcy protection in October, said the auction also would maximize the value of the company based on acquisitions it has seen in its own market. "Dish Network Corp.’s $1.4 billion acquisition of bankrupt hybrid satellite and land-based communications company DBSD North America in March was an important data point in determining the market value of our own assets,"    TerreStar Networks said in the filing.
    TerreStar Networks’ parent company TerreStar Corp. also filed for Chapter 11 bankruptcy protection in February. TerreStar and its 12 affiliate companies have amassed more than $1 billion of debt, with EchoStar as its largest secured creditor.