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Pegasus Satellite Reaches Agreements With DIRECTV, NRTC And Creditors
Bala Cynwyd PA (SPX) Aug 03, 2004 Pegasus Satellite Communications, a subsidiary of Pegasus Communications Corporation, announced Monday that it and/or its subsidiaries have entered into agreements with DIRECTV, the National Rural Telecommunications Cooperative (NRTC), the official committee of unsecured creditors of Pegasus Satellite (the Committee) and Pegasus Communications that provide for: (1) the sale of Pegasus Satellite's satellite television assets to DIRECTV for a purchase price of $938 million, including $875 million cash, plus certain adjustments to be made at closing; (2) cooperation between Pegasus Satellite and DIRECTV to assure uninterrupted delivery of DIRECTV programming to Pegasus Satellite's subscribers; and (3) a dismissal of all litigation concerning Pegasus Satellite's distribution of DIRECTV services and Pegasus Satellite's bankruptcy. In addition, Pegasus Communications and the Committee have reached an agreement in principle on the sale of the broadcast television stations owned by Pegasus Satellite to Pegasus Communications, subject to higher and better offers. The sale of the satellite television assets and the settlement with DIRECTV as well as the sale of the broadcast television stations are subject to bankruptcy court approval and applicable antitrust filings and approvals. Marshall W. Pagon, Pegasus Satellite's Chief Executive Officer, said "These agreements enable a final resolution to five years of litigation between Pegasus Satellite, DIRECTV and the NRTC concerning Pegasus's right to distribute DIRECTV, through a sale of Pegasus Satellite's satellite television assets to DIRECTV for $938 million." "They also reflect a consensus between Pegasus Satellite and its creditors on the disposition of Pegasus Satellite's broadcast television stations to Pegasus Communications. We believe that this will allow Pegasus Satellite's bankruptcy to be resolved quickly and with the least continued risk to creditors." "Most importantly, these agreements assure that Pegasus Satellite Television's over 1 million subscribers throughout the U.S. will continue to receive uninterrupted delivery of DIRECTV programming and that the sale to DIRECTV will be managed smoothly and without disruption of their satellite service. I would also like to thank our employees and management for their hard work." "In little over 10 years, and in defiance of widespread skepticism that satellite television could ever successfully compete with cable, they built a sound and successful business serving over 1 million rural subscribers in 41 states." Pegasus Communications Corporation intends to file as soon as practicable a Form 8-K that includes copies of the key agreements relating to the transactions referenced above. Community Email This Article Comment On This Article Related Links Pegasus Satellite SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Stratos Steps Closer To Xantic Acquisition
Bethesda MD (SPX) Jan 5, 2006Stratos Global recently announced it had taken a step closer toward the completion of the acquisition of Xantic, having received positive advice from the Works' Council in the Netherlands, and executed a definitive agreement to purchase Xantic from KPN and Telstra Corporation. |
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