ProtoStar receives $185 million offer for ProtoStar II assets

By Caroline Salls

Pittsburgh, Dec. 9 - ProtoStar, Ltd. requested court approval to designate SES Satellite Leasing Ltd. for substantially all of the assets of ProtoStar II Ltd., according to a Wednesday filing with 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.

The company said it originally set the bid deadline for Dec. 9, but it would like to extend that deadline to noon ET on Dec. 14.

The auction would then be held on Dec. 16. The sale hearing is scheduled for Dec. 18.

If SES Satellite is not the high bidder at auction, ProtoStar would pay it a 3% break-up fee and reimburse up to $750,000 of its expenses.

Overbids must be for at least $1 million more than the stalking horse bid, and subsequent bids must be made in $1 million increments.

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

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