Liberty's Out Of Astrolink


Liberty Media Corp.'s Liberty Satellite & Technology Inc. exercised its right to terminate its previously announced agreement to restructure Astrolink International LLC.

Had the closing under the Astrolink restructuring agreement occurred, Liberty Satellite would have acquired substantially all of Astrolink's assets in exchange for cash and common stock.

As a result of the termination, Liberty Satellite will receive $7.8 million in cash in exchange for its 31.5% equity in Astrolink and for all notes evidencing loans made by Liberty Satellite to fund Astrolink's continuing operations during the period that the restructuring agreement was pending.

Astrolink was formed in 1999 to establish and operate a global communications system to deliver broadband services.