The Maine bankruptcy court handling Pegasus Satellite's Chapter 11 proceeding approved a settlement between the company and DirecTV and the National Rural Telecommunications Cooperative, and dismissed all claims Pegasus brought against the two entities.
The approval is a final step in finalizing the agreement between NRTC and DirecTV that was announced June 1 and settles all litigation among the parties, NRTC said. The settlement approval also allows DirecTV to proceed with its plan to acquire the DBS assets of Pegasus and eliminates the litigation liability NRTC had faced pertaining to the June 1 deal, the cooperative said.
"Members who currently provide DirecTV service are now able to quantify the terrific value they have built in their businesses over the last decade, while still continuing to provide high-quality local service," said NRTC CEO Bob Phillips. "And now, with the June 1 agreement, all NRTC members can enter the business and provide DirecTV services in their communities and beyond."
DirecTV said in a statement that it's pleased with the court ruling and it expects to complete the acquisition of Pegasus DBS assets possibly today.
In June, NRTC and DirecTV agreed to end their DBS distribution agreement, and set Aug. 31 as the expiration date. Pegasus, which sold DirecTV in rural areas through its NRTC affiliates, fought the deal, and put its Pegasus Satellite subsidiary into Chapter 11 bankruptcy soon after the NRTC/DirecTV deal was announced.
Earlier this month, Pegasus agreed to sell its DBS business to DirecTV.
Philips also said in a statement that NRTC "looks forward" to offering DirecTV and WildBlue satellite broadband services bundled and delivered to one dish. NRTC and its members will begin offering WildBlue in rural areas early next year.
http://www.skyreport.com (Used with permission)
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Court OKs DirecTV/Pegasus/NRTC Settlement
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