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Dish Network Approved as Terrestar ‘Stalking Horse’ Bidder

Dish Network Corp. won bankruptcy court permission to be the opening bidder at an auction for the assets of Terrestar Networks Inc., a satellite provider of wireless communications.

U.S. Bankruptcy Judge Sean Lane in New York approved Dish Network, the second-largest satellite television provider in the U.S., as the so-called stalking horse bidder, with an offer of $1.38 billion. Any rival offer must start at $55.5 million more than the stalking-horse bid. The bidding deadline is June 27 and the auction is scheduled for June 30.