ProtoStar seeks three-month exclusivity extension to avoid distraction

By Caroline Salls

Pittsburgh, May 25 - ProtoStar Ltd. requested an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to Aug. 25 from May 25 and the solicitation period to Oct. 26 from July 26.

According to the motion, "the continuation of the stable environment provided by the exclusivity periods will maximize the opportunity for [ProtoStar] to enhance remaining asset values [and increase] the likelihood of a global consensual resolution."

The company said the extension will also help avoid the distraction and potential derailment of the bankruptcy case that competing plans could cause.

A hearing is scheduled for July 7.

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

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