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.