CORRECTED: TerreStar Networks Ch. 11 Plan Confirmed

Law360, New York (February 16, 2012, 3:48 PM EST) -- A New York bankruptcy judge on Wednesday confirmed bankrupt satellite communications company TerreStar Networks Inc.'s Chapter 11 plan that divvies up to unsecured creditors the remaining $31 million of the proceeds from a $1.4 billion sale to Dish Network Corp.

In an order filed in the U.S. Bankruptcy Court for the Southern District of New York, Judge Sean H. Lane approved TerreStar's plan, noting that no opposition to the plan had been filed and three formal objections had been resolved.

At the center of the plan...
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