AlphaStar Revived By Connecticut Company............................
skyreport.com
Dec. 1, 1997
U.S.-based operations for digital home satellite service AlphaStar, which filed for bankruptcy last August, will be revived by Connecticut-based Champion Holding.
The company said that the U.S. bankruptcy Court in Delaware overseeing the AlphaStar proceeding had "approved the sale of substantially all of the assets of Alphastar Television Network and its affiliate, Tee-Comm Distribution to Champion and selective assets of Tee-Comm Electronics Canada."
The transaction will close in mid-December, according to the company, and that it "will be able to recommence operation, although the format and programming is still under consideration."
No specific date was given for re-starting the service and purchase terms were not disclosed. According to bankruptcy court documents, Alphastar had $72 million in assets and $105 million in liabilities.
The Satellite Broadcasting and Communications Association had pegged 60 percent of AlphaStar's 51,000 customers in areas outside the continental United States, mainly in the Caribbean and Canada.
Champion is based in Greenwich, Conn. Its president Mahmoud Wahba owns and operates several businesses in and outside of the United States. He began by purchasing an oil distribution company in 1983. |
