Dish Network Corp. has now offered to buy TerreStar Network for $1.38 billion and is now the lead bidder in the acquisition.

TerreStar, a company that provides mobile communication by using satelite networks, filed for bankruptcy in the U.S. Bankruptcy Court in Manhatten with the intent to restructure.

After these plans fell through, the company put itself up for sale. Dish Network is interested in TerreStar's wireless network which has recently been rising in value. 

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