January 30, 2004
SkyTerra Communications Inc., a bid vehicle for Leon Black's Apollo Management LP, has again agreed to buy the assets of Willkie client satellite networking company Verestar Inc.
On January 30, it was reported that SkyTerra Communications Inc., a bid vehicle for Leon Black's Apollo Management LP, has again agreed to buy the assets of Willkie client satellite networking company Verestar Inc., which is a unit of American Tower Corp. Earlier this month, Verestar filed for bankruptcy protection after SkyTerra terminated a deal to acquire a majority interest in Verestar. The company has $114 million in assets and $635 million in debt. The January 30 Daily Deal notes that the firm is counsel to Verestar. Partners Marc Abrams and Matthew Feldman are handling the case.