ProtoStar Can Pay Lenders With Satellite Cash: Judge

Law360, New York (December 18, 2009, 4:33 PM EST) -- A bankruptcy judge has approved ProtoStar Ltd.'s proposal to distribute part of $195 million in proceeds from the sale of a satellite to its lenders, but for now has denied the bankrupt aerospace company's request to use the money to pay down unsecured claims.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware issued an order Thursday authorizing ProtoStar to distribute $5.9 million in proceeds plus interest to the lenders of the ProtoStar I satellite, Bank of New York Mellon and Wells...
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