Home › DMW Daily › August 31, 2009

Lenders Terminate Sale of Satellite Radio Firm WorldSpace

Authored by Mark Hefflinger on August 31, 2009 - 8:15am.
Silver Spring, Md. - Lenders have nixed plans for satellite radio firm WorldSpace to sell its assets to Yenura, a Singapore-based firm headed by WorldSpace founder and CEO Noah Samara.

WorldSpace, which filed for Chapter 11 bankruptcy protection in late 2008, said that its debtor-in-possession lenders terminated the deal after Yenura failed to make certain payments under the deal.

The company said that it is now reviewing its options.

Worldspace, which operates in parts of Asia and Africa, and had planned also to launch service in parts of Europe, filed for Chapter 11 last October.

In March, a bankruptcy court approved the sale of the company to Samara for $28 million.

 

Related Links:
http://www.businesswire.com/news/home/20090827005940/en

http://www.1worldspace.com

Published in DMW Daily, August 31, 2009
tags: Deals | Radio | Acquisitions | WorldSpace | Bankruptcies | Yenura |



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