A $1.375 billion offer by Dish Network Corp (DISH.O) for the assets of TerreStar Networks Inc won court approval as the minimum bid for the bankrupt satellite telecommunications company in an upcoming auction. Judge Sean Lane on Tuesday approved the minimum offer, known as a stalking horse price, at a hearing at U.S. bankruptcy court in Manhattan, setting the stage for a bidding process the bankrupt satellite telecommunications company hopes will bring it out of bankruptcy. The hearing came about a week after TerreStar announced a tentative deal with Dish, which is controlled by billionaire Charles Ergen. Bidders have until June 27 to make competing bids. If multiple parties make offers, an auction would be held on June 30, the results of which would go before Judge Lane for approval July 7. The judge called the deal, which has the support of TerreStar's creditors' committee, a positive move for the company and its stakeholders.
DISH Network Corporation is a pay-television provider, with approximately 14. Shares of DISH traded higher by 2.19% or $0.61/share to $28.50. In the past year, the shares have traded as low as $17.33 and as high as $30.14. On average, 2433110 shares of DISH exchange hands on a given day and today's volume is recorded at 2000307.
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