ProtoStar Creditors Fight $210M Sale To Intelsat

Law360, New York (November 4, 2009, 6:27 PM EST) -- Bankrupt satellite operator ProtoStar Ltd.’s creditors are objecting to the debtor’s proposed $210 million asset sale to Intelsat Subsidiary Holding Co., arguing that ProtoStar passed up a better bid from Eutelsat America Corp.

The official committee of unsecured creditors lodged the objection Tuesday in the U.S. Bankruptcy Court of Delaware, arguing that though the dollar amount of the bid from Eutelsat was lower than Intelsat’s bid, it was the better option for bankrupt ProtoStar.

The creditors claim that at the Oct. 29 sale auction, which resulted...
To view the full article, register now.