TerreStar Disclosure Statement, Elektrobit Deal Get Nod
Law360, New York (August 23, 2012, 10:04 PM EDT) -- A New York bankruptcy judge approved a key settlement Thursday between TerreStar Corp. and its largest unsecured creditor, Elektrobit Inc., without which Elektrobit had vowed to fight confirmation of the debtor's Chapter 11 plan, the disclosure statement for which the judge also approved Thursday.
The dispute involved Elektrobit's allowed claim in the bankruptcy. Elektrobit said its claim was worth about $27.8 million; under the settlement, it will get a $13.5 million cash payment outside of the plan and agree to support TSC's plan, resolving a major roadblock in the way of its confirmation.
In granting the motion for approval of the...
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