The assets of satellite broadcasting company Worldspace were supposed to have been sold this week at a bankruptcy court in the US state of Delaware. However, the sale was postponed at the last minute and is now due to take place on 6 March.
WorldSpace assets sale postponed again
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on Mar 20th, 2009 at 18:58
WORLDSPACE HAS JUST RELEASED FIRST PRESS RELEASE SINCE OCTOBER!
COURT APPROVES WORLDSPACE, INC. ASSET SALE
Silver Spring, Md., March 20, 2009 – WorldSpace, Inc. (“WRSPQ.PK”) announced that the United States Bankruptcy Court in Delaware yesterday approved the sale of substantially all of the assets related to the satellite radio business of it and its U.S. subsidiaries, WorldSpace Systems Corporation and AfriSpace, Inc. to Yenura Pte. Ltd. (“Yenura”).
Yenura is purchasing the assets pursuant to an asset purchase agreement for a total purchase price of $28 million cash, the assumption of certain liabilities, and the subordination and release of certain claims. The parties expect the sale to close following the issuance of necessary regulatory approvals.
Yenura is a company controlled by WorldSpace founder, Chairman and Chief Executive Officer Noah A. Samara.
About 1worldspace™
Based in the Washington, DC metropolitan area, 1worldspace™ is the world’s only global media and entertainment company. 1worldspace™ award-winning programming provides subscribers with a combination of news, sports, music, talk and entertainment, as well as brand-name content and educational programming.
1worldspace™ satellites cover two-thirds of the earth and enable the Company to offer a wide range of innovative services for enterprises and governments globally, including distance learning, alert delivery, data delivery, and disaster readiness and response systems. 1worldspace™ is a pioneer of satellite-based digital radio services. For more information, visit http://www.1worldspace.com