A New York bankruptcy court judge approved the proposed sale of bankrupt communications company DBSD to Dish Network Corp. (NASDAQ:DISH) on Monday.
The decision clears the way for a vote by creditors of DBSD North America to approve Dish Network’s offer of $1.4 billion for the defunct business, which filed for bankruptcy in May 2009. The creditors must vote on a sale plan by June 22 and they have until June 17 to file objections.
The sale is expected to be approved with little controversy and a confirmation hearing is scheduled for June 30, Ryan Bennett of DBSD law firm Kirkland & Ellis LLP told Reuters.
Shares of Dish Network fell 6 cents, a fraction of 1% in Monday’s session, closing at $29.42 a share. The stock was down a penny in after-hours trading.