Start-up satellite operator ProtoStar Ltd. is at risk of being declared in default on loans that financed the company's Pro-toStar-1 satellite, which after nearly a year in orbit is generating virtually no revenue. This comes as the company prepares for the May 16 launch of ProtoStar-2, which confronts broadcast frequency-coordination challenges similar to those faced by ProtoStar-1, industry officials said.rnOne official said Bermuda-headquartered, San Francisco-based ProtoStar had in fact defaulted on loan payments due in recent weeks, and that the company was struggling to persuade its creditors for more time to stave off a general default on the $200 million bond payment.
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