Bankrupt telecommunications company TerreStar Networks Inc agreed on Wednesday to get court approval before entering into a so-called stalking horse agreement as part of its planned June auction. The agreement resolves a dispute with EchoStar Corp (SATS.O), its largest secured creditor, which had objected to TerreStar's initial proposal for its auction procedures. In that case, it would have pre-approved a stalking horse bid, setting a minimum price for TerreStar, much earlier in the process, which EchoStar said would have been unfair. TerreStar, which operates a mobile satellite network, has been mired in bankruptcy since October, when it filed with debts of more than $1 billion and a deal for EchoStar to provide $75 million in financing. But its proposed debt-for-equity restructuring deal with EchoStar was pulled off the table in February, just days after EchoStar unveiled a $1.33 billion deal to buy broadband services company Hughes Communications Inc (HUGH.O). It made the agreement during a bankruptcy court hearing in Manhattan.
EchoStar Corporation (EchoStar) is a holding company. Shares of SATS fell by 0.59% or $-0.2/share to $33.7. In the past year, the shares have traded as low as $17.55 and as high as $38.12. On average, 337847 shares of SATS exchange hands on a given day and today's volume is recorded at 321866.
Hughes Communications, Inc.(HCI) operates through its wholly owned subsidiary, Hughes Network Systems, LLC (HNS), a telecommunications company. Shares of HUGH fell by 0.03% or $-0.02/share to $59.79. In the past year, the shares have traded as low as $21.19 and as high as $64.00. On average, 128134 shares of HUGH exchange hands on a given day and today's volume is recorded at 21172.
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