Bermuda-based ProtoStar Ltd., a provider of digital-television and broadband service for Asia, sold both of its satellites and for a third time seeks an extension of the exclusive right to propose a liquidating Chapter 11 plan in the US.

Although the bankruptcy judge in Delaware said she would approve a disclosure statement explaining the plan for the subsidiary that owned the ProtoStar I satellite, the company held up taking a vote of creditors while it attempts to "broker a consensual resolution of these Chapter 11 cases by resolving disputes amongst its lenders and unsecured creditors", the May 24 exclusivity motion said.

The ProtoStar I satellite was sold for $210 million to an affiliate of Intelstat Holdings Ltd. Most of the sale proceeds are being held pending the outcome of the lawsuit. The ProtoStar II satellite was sold for $185 million cash to an affiliate of SES SA.

ProtoStar and five subsidiaries filed under Chapter 11 in July, listing assets of $528 million and debt of $463 million as of December 31. Debt includes $10 million on a first lien, plus $183 million in 12.5 percent and 18 percent secured notes and $242 million on the so- called Credit Suisse facility secured by all the assets. The satellites were launched in 2008 and 2009.