Judge Clears TerreStar To Advance Ch. 11 Plan

Law360, New York (December 22, 2010, 6:37 PM EST) -- Bankrupt satellite communications company TerreStar Networks Inc. won approval on Wednesday to move forward with a reorganization plan under which it proposes to emerge from Chapter 11 largely under the control of EchoStar Corp.

Judge Sean H. Lane announced he would approve a disclosure statement for the plan during a hearing in the U.S. Bankruptcy Court for the Southern District of New York, overruling an objection from Sprint Nextel Corp. and scheduling a confirmation hearing for the plan on March 4.

Sprint Nextel maintains that the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.