Dish Network Corp. (DISH) has submitted a $1.375 billion cash bid for TerreStar Networks Inc. in a bankruptcy auction, according to Reuters. Among other assets, TerreStar holds wireless spectrum.
Dish was competing for the opening bid against MetroPCS Communications Inc. (PCS) and a group of senior noteholders.
Under terms of the bid, TerreStar may obtain competing bids until June 27. A court-supervised auction is set to occur on June 30. Dish Network also recently acquired Blockbuster Inc. through the bankruptcy process.