This week, it was reported that TerreStar Networks filed for Chapter 11 bankruptcy protection. Now, the company will try to reorganize in an effort to launch an all-IP, integrated satellite-terrestrial network. News sources confirm that the organization's parent company, TerreStar Corporation, did not file for bankruptcy protection.
The organization filed its bankruptcy petition in New York City and listed assets and debt which both exceeded more than $1 billion. Recently, TerreStar had entered into an agreement with its largest creditor, EchoStar Corporation, to provide a $75 million debtor in possession finance facility. The company has plans to use financing to reorganize and restructure during bankruptcy.
According to reports from the Wall Street Journal, the company has been preparing to enter into bankruptcy and has worked with its creditors over the past few weeks.
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