New York — TerreStar Networks’ proposal to sell their company to Dish Network was approved Thursday by a Manhattan judge.
The approved $1.375 billion proposal is being applied toward bringing the company out of a nine-month bankruptcy filed in October.
“When we started, everyone was objecting to everything we did, and now we’re at the point where we have a deal and no one’s objecting,” said Arik Preis, a lawyer for TerreStar.
The deal is Dish Networks’ fourth major purchase this year. Reuters reported that TerreStar filed court papers on Wednesday asking Lane to let it repay $1.26 billion owed to secured creditors before the end of September, rather than wait until the deal closes and incur interest at the rate of $46 million a quarter.
http://tinyurl.com/3qv84qf (Daily Markets/Zack’s Investment Research)