TerreStar Networks Inc., a provider of mobile and Internet communications services, filed for bankruptcy with a restructuring plan backed by EchoStar Corp., its largest secured creditor.
TerreStar reported assets and liabilities of more than $1 billion each in documents filed yesterday in the U.S. Bankruptcy Court in Manhattan. The largest unsecured creditors are noteholders, with a claim of $178.6 million, according to court papers.
