ProtoStar plan unanimously approved by seven of eight voting classes

By Caroline Salls

Pittsburgh, Oct. 5 - ProtoStar Ltd.'s plan of reorganization was unanimously approved by seven of eight voting creditor classes, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, all 50 holders of $168.51 million of noteholder claims, all 19 voting holders of $182.36 million in CS credit facility claims, all four voting holders of $9.6 million in PS I general unsecured claims, all six voting holders of $14.68 million in consolidated general unsecured claims, both voting holders of $14.41 million in PS II general unsecured claims, all three voting holders of $247,440 in PSS general unsecured claims and the one voting holder of $18,688 in PSA general unsecured claims voted to accept the plan.

One holder of $4,250 in consolidated general unsecured claims and one holder of $4,250 in PSS general unsecured claims abstained from the vote.

Meanwhile, four holders, or 80% in number, of $10.31 million, or 70.81% in amount, of PS Ltd. general unsecured claims voted to accept the plan, while one holder, or 20% in number, of $4.25 million, or 29.19% in amount, of these claims voted to reject it.

The plan confirmation hearing is scheduled for Oct. 6.

ProtoStar, a Bermuda satellite company, filed for bankruptcy on July 29, 2009. Its Chapter 11 case number is 09-12659.

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