DBSD Plan, Debt-For-Equity Swap Gets Green Light

Law360, New York (October 27, 2009, 1:11 PM EDT) -- Despite opposition from creditors Dish Network Corp. and Sprint Nextel Corp., the judge overseeing DBSD North America Inc.'s Chapter 11 proceedings has given the go-ahead to the satellite service operator's reorganization plan, which calls for converting around $750 million of second-lien debt into equity.

In a bench decision signed Monday, Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York said DBSD's plan will be confirmed.

Under the plan, DBSD's second-lien debt and general unsecured claims will be converted into...
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