Dish Network announced plans Monday to acquire DBSD North America, a
hybrid satellite and terrestrial communications company formerly known
as ICO North America that filed for bankruptcy reorganization, for
approximately $1 billion.
DBSD North America, based in Reston,
Va., filed for Chapter 11 bankruptcy protection in May 2009. Dish is a
creditor to DBSD and had voted against the reorganization plan.
In
December 2010, a federal appeals court ruled against Dish after
determining Dish's interest in blocking the bankruptcy proposal wasn't
to maximize recovery as a creditor but to further its own strategic
interest in DBSD, which is a subsidiary of holding company ICO Global
Communications.
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