Court OKs TerreStar's $1.38 billion sale to Dish

Reuters News
|
Posted: Jul 07, 2011 2:38 PM
Court OKs TerreStar's $1.38 billion sale to Dish

NEW YORK (Reuters) - A bankruptcy judge approved on Thursday TerreStar Networks Inc's <TSTRT.UL> plan to sell itself to Dish Network Corp <DISH.O> for $1.375 billion.

Judge Sean Lane made the ruling at a hearing at U.S. Bankruptcy Court in Manhattan, paving the way for TerreStar to emerge from bankruptcy after nearly nine months.

The deal will be the third major bankruptcy acquisition for Dish in 2011, following its $320 million purchase of Blockbuster Inc <BLOAQ.PK> and its $1.4 billion purchase of DBSD North America.

(Reporting by Nick Brown, editing by Gerald E. McCormick)