For Sale: Two almost-new satellites
ProtoStar is to auction its two satellites on Oct 14. The Delaware Bankruptcy Court approved the decision on Aug 24.
The move also authorises ProtoStar to reveal to qualified bidders the so-called Boeing Contract and its terms, whereby ProtoStar is obligated to pay Boeing for the ProtoStar 2 craft, and the amounts owing under that contract and ProtoStar’s ongoing obligations to Boeing. Indeed, such are the sensitivities of this contract that Boeing has the right to authorise who can – and cannot – see the contract’s details.
The ProtoStar auction also includes the company’s other assets, plus ground equipment.
Both Eutelsat and SES have expressed an interest in acquiring the assets, although the versatile – and new craft – are likely to be of considerable interest to many other satellite operators.
Qualified bids have to be in by October 8. Following on from the actual auction the Delaware Court will subsequently approve the sale between Oct 19 and 23.
New York lawyers Millbank, Tweed Hadley & McCloy are handling the actual auction.