ProtoStar Loses Bid For $185M Stalking Horse Deal

Law360, New York (December 15, 2009, 12:44 PM EST) -- A bankruptcy judge has rejected ProtoStar Ltd.'s emergency bid to approve a $185 million stalking horse deal with SES Satellite Leasing Ltd. for the sale of a satellite, which would have included a 3 percent breakup fee.

Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware rejected the motion in a two-page order on Monday, citing reasons that she stated on the record at a hearing.

ProtoStar asked Judge Walrath to approve the stalking horse agreement on Dec. 9, after which...
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