ProtoStar granted precautionary three-month exclusivity extension

By Caroline Salls

Pittsburgh, Dec. 17 - ProtoStar Ltd. received an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended to Feb. 25 from Nov. 25 and the solicitation period to April 26 from Jan. 25.

Although it expects to file a plan within the current exclusivity period, ProtoStar said it requested the extension out of an abundance of caution in case plan confirmation is delayed.

In addition, the company said the extension will allow it to move forward with the confirmation process without the distraction of competing plans.

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

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