Bankrupt telecommunications company, TerreStar Networks, is seeking court approval to sell all of its assets, Reuters reports. Potential bidders will be required to submit their bids by June 8. The move comes as the company’s proposed debt-for-equity restructuring deal with its largest secured creditor and digital set-top box maker, EchoStar, fell through in February. TerreStar and its 12 affiliates, with more than $1 billion of debt, filed for bankruptcy protection in October 2010.
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