Creditor Blasts ProtoStar Bid For Sale-Related Bonuses

By Christie Smythe

Law360, New York (February 10, 2010, 7:04 PM ET) -- Creditor Afro Asian Satellite Communications Mauritius Ltd. has objected to bankrupt ProtoStar Ltd.’s renewed request to pay bonuses to management and other employees for helping arrange the $210 million sale of a satellite to Intel Subsidiary Holding Co. Ltd.

The creditor, which says it is owed about $7.8 million, filed an objection on Tuesday in the U.S. Bankruptcy Court for the District of Delaware, joining an earlier objection to the bonus payments lodged by the official committee of unsecured creditors in the case.

Noting that ProtoStar...
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