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TerreStar, Sunset Village, Lehman: Bankruptcy

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.