ProtoStar Seeks OK For $185M Stalking Horse Bid

Law360, New York (December 10, 2009, 1:51 PM EST) -- ProtoStar Ltd. has asked a bankruptcy judge to greenlight a $185 million stalking horse agreement for the sale of assets including a satellite, along with a breakup fee of 3 percent of the purchase price plus an expense reimbursement of up to $750,000.

In the U.S. Bankruptcy Court for the District of Delaware on Wednesday, ProtoStar filed the emergency bid to designate SES Satellite Leasing Ltd. as the stalking horse bidder for the assets of ProtoStar II Ltd., which owns the ProtoStar II satellite.

In addition...
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