SES Wins ProtoStar Satellite Auction With $185M Bid

Law360, New York (December 22, 2009, 2:30 PM EST) -- SES Satellite Leasing Ltd. has won an auction for a satellite from bankrupt ProtoStar Ltd. for $185 million, despite the leasing company previously being rejected as a stalking horse bidder for the asset because of its demand that a breakup fee be part of the deal.

Judge Mary F. Walrath issued an order Friday in the U.S. Bankruptcy Court for the District of Delaware approving the sale of the ProtoStar II satellite to SES and designating competing bidder Asia Satellite Telecommunications Co. Ltd. as next in...
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