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9. Terrestar Corp.

Assets: $1.38 billion
Employees: 104
Bankruptcy date: Feb. 16

Virginia-based TerreStar Corp, a mobile satellite network operator, filed for bankruptcy protection in February, several months after its subsidiary TerreStar Networks and 12 of its affiliates went in for similar restructuring in October 2010.

TerreStar Corp, which provides “anywhere” network coverage across the U.S. and Canada launched one of the world’s biggest commercial communication satellites in 2009 at an estimated cost of $300 million. The company planned to provide smartphone users access to either AT&T's cellular network or its satellite network, when they were out of coverage. It also launched its own smartphone called the Genus, but the phone failed to gain traction.

The company was weighed down by heavy debts. The total liabilities of TerreStar Networks and its 12 affiliates was $1.64 billion, according to the quarterly report filed with the SEC in June 2010 before the bankruptcy filing.

TerreStar Networks withdrew from its 2010 restructuring plan in February this year and put itself up for sale. Five months later in July, satellite-TV provider Dish Network, which was keen to gain access to TerreStar Networks’ spectrum licenses, bought the company for $1.38 billion.

Photo: Daniel Acker | Bloomberg | Getty Images