The case of bankrupt Bermuda-based satellite operator Protostar Ltd. and its subsidiaries has been put back to November by a Supreme Court judge.

At Friday's hearing, Judge Geoffrey Bell adjourned the matter of the insolvent companies Protostar, Protostar I Ltd., Protostar II Ltd. and Protostar Development Ltd. to November 27 to allow for Chapter 11 US bankruptcy proceedings against the firms to progress.

John Riihiluoma, representing the petitioner, applied for the adjournment of the case concerning the company, which was granted permission by a US Bankruptcy Court Judge last month to sell virtually all of the assets belonging to Protostar I and Protstar II, including two satellites and ground equipment, software and contracts needed to operate them at an auction next month, according to court papers.

ProtoStar, which is based in Hamilton, listed assets of $528 million and debt of $463 million, including units not in bankruptcy, as of December 31, in court documents filed in US Bankruptcy Court in Wilmington, Delaware.

ProtoStar wants all bids submitted by October 8 and to call a hearing to approve the sale between October 19 and October 23.

The company asked the judge for permission to appoint a stalking horse, or lead bidder, for the assets, to increase bidding and "induce others to put real money on the table", ProtoStar lawyers argued at the hearing. Judge Mary Walrath said the proposal would be considered later.