TerreStar Finally Crashes Into Bankruptcy
Oct 19, 2010, 4:49 PM by Philip Berne
TerreStar Networks Inc. today finally filed for Chapter 11 bankruptcy protection after speculation about its financial trouble. The mobile satellite network operator has more than $1 billion in outstanding liabilities. The protection filing affects TerreStar Network, but not its parent company, TerreStar Corp. During the proceedings, TerreStar will get a boost from EchoStar, which will provide $75 million in financing. TerreStar launched its first satellite in 2009, and has been working on a second satellite.
Garmin inReach Brings Satellite Messaging to Your Phone
Garmin this week announced its inReach series of satellite communicators. These standalone handheld devices can also be paired with any Android, iOS or Windows 10 smartphone to provide satellite-based text messaging and GPS mapping on your phone even where there is no cellular coverage.
Pantech Files for Bankruptcy In the US
Pantech's U.S. operations filed for Chapter 15 bankruptcy today, following similar legal moves in the company's home market of Korea.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
RadioShack Weighing Bankruptcy
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million.