OK'd ProtoStar Liquidation Plan Gives Creditors $400M

Law360, New York (October 6, 2010, 5:34 PM EDT) -- A federal judge approved ProtoStar Inc.’s Chapter 11 liquidation plan Wednesday, clearing the way for the defunct satellite operator to pay off creditors with $400 million in proceeds from the sale of its satellites.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware signed off on the plan, which centers on a global settlement whereby the official committee of unsecured creditors will drop its lien avoidance actions against prepetition lenders in return for a $10 million cash consideration, according to court...
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