Satellite Shutdown Shoots ProtoStar Into Ch. 11

Law360, New York (July 29, 2009, 7:43 PM EDT) -- Satellite services operator ProtoStar Ltd. filed for Chapter 11 protection Wednesday, citing a loss in revenue after it had to shut down one of its satellites because of a dispute over its place in space.

The private company folded five of its affiliate businesses into the case, according to its filing in the U.S. Bankruptcy Court for the District Delaware.

It listed its assets as $100 million to $500 million in the filing.

The 20 largest unsecured creditors are owed a total of at least $64...
To view the full article, register now.