TerreStar makes it official, files for Chapter 11 bankruptcy

Teetering no longer . According to Reuters , satellite phone maker TerreStar has filed for Chapter 11 bankruptcy to protect itself from liabilities in the range of $1.6 billion. As expected, a restructuring is in order, with Blackstone Group LP providing financial advice for such a move. One of TerreStars’ creditors, EchoStar, is offering $75 million in financing to help keep the company operate while it goes through the bankruptcy. Shame that it’s the icing on the cake for its Genus , having just launched on AT&T not one month ago. Them’s the breaks. [Thanks, Brian] TerreStar makes it official, files for Chapter 11 bankruptcy originally appeared on Engadget on Tue, 19 Oct 2010 23:19:00 EDT. Please see our terms for use of feeds . Permalink

Posted by on October 20, 2010. Filed under News, Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry