StarBand, a provider of two-way satellite Internet services, received approval from a U.S. bankruptcy court to emerge from Chapter 11 protection by the end of the month. The company said its capital structure has significantly improved with the conversion of approximately $113 million of bank debt to equity. In addition, approximately $90 million of debt to Gilat Satellite Networks Ltd. will convert to equity and a $14 million post-emergence note. Further, StarBand and Gilat have entered into a new technology and hardware supply agreement providing for $7.5 million in additional financing.
StarBand has recently launched new residential price plans for its two-way satellite service with monthly fees starting at $39.99.
http://www.StarBand.com
