Daily News: February 21, 2012

DISH Network Announces Court Approval of TerreStar Reorganization

DISH Network Corporation issued a following statement regarding the final approval by the U.S. Bankruptcy Court for the Southern District of New York of TerreStar Networks’ reorganization plan:

“DISH Network is pleased to announce that a U.S. bankruptcy court confirmed TerreStar’s reorganization plan to emerge from bankruptcy. The U.S. bankruptcy courts previously authorized TerreStar and DBSD to sell their spectrum licenses to DISH during the middle of 2011.

“DISH is prepared to close both transactions upon receipt of Federal Communications Commission approval of the license transfers and associated waiver requests. With these approvals, DISH would immediately begin the design and construction planning for the nation’s first 100% LTE network. The requested waivers are necessary, among other things, to remove an outdated requirement for every handset to have the capability to establish a communications link to a satellite. The waiver of this requirement will allow DISH to provide more meaningful competition and greater choice for wireless consumers.”

TerreStar was sold to Dish Network for more than $1.3 billion. According to the company’s Disclosure Statement, senior unsecured noteholders will recover about 11.3%, and general unsecured creditors will get about 6.1%.

DISH Network Corporation, through its subsidiary DISH Network L.L.C., provides approximately 13.945 million satellite TV customers, as of Sept. 30, 2011, with the programming and technology.

Previously on abfjoural.com:

Bloomberg: Court Approves Dish’s $1.38 Billion TerreStar Purchase, Friday, July 08, 2011