Silver Spring, Md. - Less than a week after filing for Chapter 11 bankruptcy protection, Worldspace, a provider of satellite radio services to foreign markets, said that it has received court approval to receive up to $2 million in debtor-in-possession financing.

The company, which recently began to operate under the name 1worldspace, said that the funds will allow it to meet payroll obligations for "critical" employees and begin the process of selling the company or its assets.

The company's note holders have agreed to provide it with up to $13 million, allowing it to operate for up to 90 days while it seeks out a sale.

In addition, WorldSpace has named Robert Schmitz of Quest Turnaround Advisors as its chief restructuring officer.

WorldSpace India, an independent business unit operating in the market where most of the company's customers reside, has not filed for bankruptcy and continues to operate as normal.

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