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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Mississippi most obese state, Colorado least 11:42am EDT Casey Anthony will be released from jail July 13 | 1:16pm EDT Hackers expose flaw in Apple iPad, iPhone software 06 Jul 2011 "Nanny" defamation case resumes against Casey Anthony 2:12pm EDT Instant view:Murdoch's News of the World to shut after 168 years 1:14pm EDT Discussed 210 Minnesota government shutdown begins after talks fail 129 Obama: ending tax breaks required to cut deficit 99 Jury resumes deliberations in Casey Anthony murder trial Watched Giant dust storm hits Arizona Tue, Jul 5 2011 A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Skyping on Facebook Wed, Jul 6 2011 Court OKs TerreStar's $1.38 billion sale to Dish Tweet Share this Email Print Related News Dodgers lose bid to force documents from MLB 3:47pm EDT Satellite maker objects to TerreStar sale to Dish Wed, Jul 6 2011 Big Lehman creditor group backs bankruptcy plan Fri, Jul 1 2011 Court set to approve DBSD's $1.4 billion sale to Dish Thu, Jun 30 2011 Paulson gets more time for bankrupt hotel payoffs Wed, Jun 29 2011 Analysis & Opinion U.S. agencies could use better debt collectors Why Social Security COLA cuts will whip up a fight Related Topics Technology » Deals » 2011 Q2 » Global Deals Review - Parent folder » Inflows Outflows » Media » The sign in the lobby of the corporate headquarters of Dish Network is seen in the Denver suburb of Englewood, Colorado April 6, 2011. Credit: Reuters/Rick Wilking By Nick Brown NEW YORK | Thu Jul 7, 2011 3:29pm EDT NEW YORK (Reuters) - A judge on Thursday approved TerreStar Networks Inc's proposed $1.375 billion sale to Dish Network Corp, pushing the satellite communications company a major step closer to emerging from a 9-month stint in bankruptcy. The sale has the support of TerreStar's creditors. TerreStar had more than $1 billion of debt when it sought Chapter 11 protection last October. "Congratulations on a good result," Judge Sean Lane said at a hearing in U.S. Bankruptcy Court in Manhattan. TerreStar, which tried to market the first satellite smartphone, had been coveted for its roughly 20 megahertz of spectrum. The sale price rivaled the $1.4 billion Dish plans to pay for bankrupt land-based communications company DBSD North America, which won court approval last week. Dish had put forth a $1.375 billion minimum, or "stalking horse," bid for TerreStar on June 15. No rival bids were submitted. The deal represents at least the fourth major purchase in 2011 for billionaire Charles Ergen, who controls Dish, and the third for Dish itself. Ergen's set-top box maker EchoStar Corp bought Hughes Communications Inc for $1.33 billion, while Dish also bought bankrupt the assets of Blockbuster Inc, a $320 million deal that closed in April. While some analysts have speculated about Ergen's plans for his burgeoning satellite empire, Ergen has not signaled his plans for his newest assets, particularly Blockbuster, a once-dominant video retailer. SALE OVER RESTRUCTURING TerreStar began pursuing an asset sale in April after a proposed debt-for-equity restructuring deal with EchoStar, its largest secured creditor, fell apart. Arik Preis, a lawyer for TerreStar, said he is happy with how the deal came together. "When we started, everyone was objecting to everything we did, and now we're at the point where we have a deal and no one's objecting," Preis said. The all-cash deal was attractive to TerreStar in part because it provided enough money to let the company pay down its secured debt, according to Preis. TerreStar filed court papers on Wednesday asking Lane to let it repay $1.26 billion owed to secured creditors before the end of September, rather than wait until the deal closes and incur interest at the rate of $46 million a quarter. The case is in re: TerreStar Networks Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-15446. (Reporting by Nick Brown; Editing by Richard Chang) Technology Deals 2011 Q2 Global Deals Review - Parent folder Inflows Outflows Media Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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