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Prospect News home > News index > List of issuers P > Headlines for ProtoStar, Ltd. > News item
Published on 12/14/2009 in the Prospect News Distressed Debt Daily.

ProtoStar's motion to designate stalking horse bid denied by court

By Caroline Salls

Pittsburgh, Dec. 14 - ProtoStar, Ltd.'s motion to designate SES Satellite Leasing Ltd.'s offer as the stalking horse bid for substantially all of the assets of ProtoStar II Ltd. was denied Monday by the U.S. Bankruptcy Court for the District of Delaware.

SES Satellite has offered to pay $185 million in cash for the ProtoStar II assets and assume material contracts.

ProtoStar, a Bermuda satellite company, filed for bankruptcy on July 29. Its Chapter 11 case number is 09-12659.


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