DBSD North America, noteholders extend plan confirmation deadline

By Caroline Salls

Pittsburgh, Aug. 26 - DBSD North America, Inc. received court approval of a stipulation with ICO Global Communications (Holdings) Ltd. and some of DBSD's principal noteholders in connection with the company's plan support agreement, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the stipulation, the parties agreed to extend the plan confirmation deadline included in the support agreement to Sept. 30.

Since some of the company's principal noteholders have not agreed to extend the plan confirmation deadline, the stipulation provides that the failure to comply with the previous Aug. 28 confirmation deadline will not constitute an agreement termination event.

The principal noteholders who are parties to the stipulation include Goldentree Asset Management, LP, Highland Credit Opportunities CDO Ltd., Highland Crusader Offshore Partners, LP, Highland Credit Strategies Holding Corp., Highland Restoration Capital Partners, LP, Gordel Holdings Ltd., Goldman Sachs & Co. Profit Sharing Master Trust, OZ Master Fund, Ltd., and OZ Global Special Investments Master Fund, LP.

DBSD is a subsidiary of ICO, a Reston, Va., mobile satellite services company. The subsidiary filed for bankruptcy on May 15 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-13061.

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