DirecTV Latin America plan gets court's okay

By Jeff Pines

Washington, Feb. 13 - DirecTV Latin America, LLC's reorganization plan received bankruptcy confirmation from the U.S. Bankrupt Court for the District of Delaware, the company said.

The company estimates its reorganization plan will become effective by the end of the month.

According to the plan, holders of general unsecured claims will get cash equal to 20% of their claims. Hughes Electronics Corp. will become the reorganized company's largest shareholder with more than an 80% stake.

DirecTV filed for Chapter 11 in March citing financial and operational challenges. Only the U.S. entity filed for bankruptcy.

Fort Lauderdale, Fla.-based DirecTV Latin America, a satellite to home television provider, serves 1.5 million customers in 28 Latin American markets.

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