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Electronics Production | November 22, 2011

TerreStar objects to Elektrobit claims

TerreStar Corporation has filed objections to Elektrobit's claims in the Chapter 11 reorganization case of TerreStar Corporation.
In a press release, Elektrobit said that TerreStar's objection seeks to disallow a portion of EB's claims against the company totaling approximately USD 25.5 million, as well as claims by EB for payment of attorneys' fees, costs and interest in unliquidated amounts. Elektrobit said it expects to vigorously defend its claims against the objections, but speculation regarding the likely outcome of the dispute is premature at this time. On February 16, 2011, TerreStar Corporation filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. On November 17, 2011, EB's receivables from TerreStar amounted to approximately USD 25.8 million, which it claimed in the Chapter 11 cases of both TerreStar Networks and TerreStar Corporation. EB has also claimed additional costs in the amount of approximately USD 2.1 million, resulting mainly from the ramp down of the business operations between the parties.
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