TerreStar Networks posts $40.79 million December net loss; sales up

By Caroline Salls

Pittsburgh, Jan. 23 - TerreStar Networks Inc. said it had a $40.79 million net loss for December on $140,137 of revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

In comparison, TerreStar posted a $12.17 million net loss for November on $68,965 of revenues.

The company had $14.09 million of cash and cash equivalents as of Dec. 31, down significantly from $139.33 million at the end of November.

TerreStar is a Reston, Va.-based holding company with subsidiaries that operate satellite-based digital mobile communications systems. The company filed for bankruptcy on Oct. 19, 2010. Its Chapter 11 case number is 10-15446.

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