ProtoStar Ch. 11 Plan Looks To Auction Off Satellites

Law360, New York (October 1, 2009, 1:47 PM EDT) -- Satellite operator ProtoStar Ltd. has filed a reorganization plan, which contemplates auctioning off the company's two satellites in October, with the Delaware court overseeing its Chapter 11 proceedings.

Protostar filed its disclosure statement Thursday, and its Chapter 11 plan Wednesday, in the U.S. Bankruptcy Court for the District of Delaware. Also on Wednesday, Protostar filed a motion asking the court to approve its disclosure statement.

The plan will enable ProtoStar to liquidate successfully, and acceptance of the plan is in the best interests of ProtoStar and...
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