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As previously reported, StarBand said that it filed a petition for Chapter 11 reorganization with the U.S. Bankruptcy Court in Delaware.

As part of the reorganization, Gilat Satellite Networks - StarBand's parent company - stated that it has committed $2.8 million in debtor-in-possession (DIP) financing.

Gilat also said that StarBand's voluntary Chapter 11 filing is intended to provide StarBand time to restructure its existing debt obligations as it seeks to attract new equity investment to fund its operating and capital requirements. And, Gilat added that StarBand intends to implement a number of cost-saving programs during the reorganization.

"Filing for Chapter 11 reorganization was necessary to protect the ongoing operations of StarBand for our customers and distribution partners," said StarBand Chairman and CEO Zur Feldman.

In a statement released yesterday, the U.S. Bankruptcy Court in Delaware approved StarBand's emergency motions effectively keeping the company's high-speed satellite Internet service up and running.

From SkyReport (Used with Permission)
 

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I would love to have satellite internet, either from Starband or Hughes, but the hardware and monthly costs is whats holding me back.
 
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