TerreStar Parent Seeks Ch. 11 On Heels Of Subsidiaries

Law360, New York (February 16, 2011, 2:06 PM EST) -- Satellite communications company TerreStar Corp. filed for bankruptcy protection Wednesday, several months after a number of its subsidiaries embarked on a financial restructuring.

TerreStar, along with additional subsidiaries, filed its Chapter 11 petition in the U.S. District Court for the Southern District of New York, listing both assets and liabilities between $100 million and $500 million.

TerreStar Networks Inc. and other affiliates filed for bankruptcy protection in October. In December, a judge approved a disclosure statement for a reorganization plan that contemplates TerreStar Networks emerging from...
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