TerreStar teetering on bankruptcy?

Okay, look, guys -- we know putting a satellite into space is a pricey endeavor -- just ask Sirius XM -- but you literally just launched your first commercial device, the Genus, and we don't think that "launch a device then immediately declare bankruptcy" is a particularly sound business model. They're not there yet, but sure enough, the WSJ is claiming that newly-minted satphone operator TerreStar could be just days away from filing for Chapter 11 as it bears the brunt of around $1 billion in debt, possibly in the form of a well-structured and prearranged bankruptcy on the heels of discussions with the company's creditors. Seeing how restructuring does seem like the most likely scenario here, we wouldn't necessarily let this scare anyone off from buying a Genus -- but at $799, we doubt many of you were planning on running out this week and picking it up anyway. Echoes of Iridium, anyone?