ProtoStar Files New Ch. 11 Plan With Creditor Support

Law360, New York (August 2, 2010, 12:57 PM EDT) -- Bankrupt satellite communications provider ProtoStar Ltd. has filed a new Chapter 11 plan that now includes a carveout for unsecured creditors.

ProtoStar filed its fourth amended bankruptcy plan and disclosure statement Friday in the U.S. Bankruptcy Court for the District of Delaware, this time with the backing of the committee, which is recommending that holders of claims vote to accept the plan.

As a result of negotiations among ProtoStar, the creditors committee and prepetition secured lenders, the major parties in the case have agreed to resolve...
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