NEW YORK — DBSD North America has an obligation to creditors to consider any buyout offers that top one from Dish Network, the judge overseeing the satellite-communications company’s bankruptcy said.
“We have been contacted by a third party,” Steven Reisman, a lawyer for DBSD’s creditors, told U.S. Bankruptcy Judge Robert Gerber on Tuesday.
Reisman, who didn’t identify the potential bidder, said an auction should be held to determine the highest bid amid “media reports” of a rival offer.
“There should be free access to a company that is in play, as this company seemingly is,” Gerber said. “I expect aggressive efforts by the debtors to do whatever it takes to maximize value for the estate.”
Dish, the second-largest U.S. satellite-TV provider, agreed to buy DBSD for about $1 billion, after fighting the company’s bankruptcy plan in court.
Andrew Leblanc, an attorney for DBSD noteholders, called Dish’s offer an option to buy.
