Cell Phone News – TerreStar Finally Crashes Into Bankruptcy

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.

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