DISH Network Corporation announced Tuesday that it has reached an agreement to acquire satellite operator DBSD North America, a subsidiary of Reston, Va.-based ICO Global, for roughly $1 billion.
The transaction comes nearly two years after DBSD filed for Chapter 11 in May 2009 as part of a restructuring plan involving almost $800 million in secured debt. Both DISH and Sprint Nextel Corporation fought DBSD’s plan, with DISH attempting to acquire DBSD via a “loan-to-own” method as a strategic investor, according to The New York Times. In December 2010, the U.S. Court of Appeals for the Second Circuit ruled that DBSD’s restructuring plan violated federal bankruptcy laws.
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