Pegasus Satellite reorganization plan approved

By Ted A. Knutson

Washington, April 14 - Pegasus Satellite Television, Inc.'s Chapter 11 reorganization plan was approved by judge James B. Haines of the U.S. Bankruptcy Court for the District of Maine.

The company will submit written revisions to the plan in several days that were entered into the court record during the hearing.

In light of changes made to the original proposed restructuring, members of an ad hoc creditors committee claiming to represent "a large portion" of the company's $899 million of unsecured notes voted to accept the plan. They were the only impaired class and therefore the only group voting.

Pegasus Satellite Television Inc. filed for bankruptcy on June 2, 2004 with the U.S. Bankruptcy Court for the District of Maine. Its Chapter 11 case number is 04-20889.

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