Teetering no longer
. According to Reuters
, satellite phone maker TerreStar
has filed for Chapter 11 bankruptcy to protect itself from liabilities in the range of $1.6 billion. As expected, a restructuring is in order, with Blackstone Group LP
providing financial advice for such a move. One of TerreStars' creditors, EchoStar, is offering $75 million in financing to help keep the company operate while it goes through the bankruptcy. Shame that it's the icing on the cake for its Genus
, having just launched on AT&T not one month ago. Them's the breaks.