Judge Clears TerreStar To Advance Ch. 11 Plan

Law360, New York (December 22, 2010, 6:37 PM EST) -- Bankrupt satellite communications company TerreStar Networks Inc. won approval on Wednesday to move forward with a reorganization plan under which it proposes to emerge from Chapter 11 largely under the control of EchoStar Corp.

Judge Sean H. Lane announced he would approve a disclosure statement for the plan during a hearing in the U.S. Bankruptcy Court for the Southern District of New York, overruling an objection from Sprint Nextel Corp. and scheduling a confirmation hearing for the plan on March 4.

Sprint Nextel maintains that the...
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