© Electronics Production | August 29, 2012

Elektrobit receives payment from TerreStar, settles case

Elektrobit has received a cash payment of 13.5 million USD (10.8 million euros) from TerreStar Corporation in full and final satisfaction of its claim against TerreStar Corporation.
The payment resolves the dispute between EB and the other parties in the TerreStar Corporation Chapter 11 reorganization cases under United States Bankruptcy Code.

On October 19, 2010, TerreStar Networks filed for reorganization under Chapter 11 of the United States Bankruptcy code and on February 16, 2011, their parent company TerreStar Corporation did the same.

EB asserted claims against each of the TerreStar entities in amounts totaling 27.9 million USD (22.3 million euros as per exchange rate of August 28, 2012).


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