WorldSpace Inc fka WRSPQ

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This is the paper I got it from didn't copy everything, the sentense is in red.

Approval of Sale:  On March 19, 2009, the Court approved the sale of the Debtors' assets.

General Information:  On October 17, 2008, each of the Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The three cases were assigned the case numbers listed below (collectively, the "Bankruptcy Cases") and are jointly administered under Case No. 08-12412. The Bankruptcy Cases are pending before the Honorable Peter J. Walsh in the United States Bankruptcy Court for the District of Delaware.


Worldspace Sale To Yenura Called Off
Law360, New York (August 31, 2009) -- Bankrupt satellite radio company Worldspace Inc. has announced that its deal to sell its assets to Yenura Pte. Ltd. is off now that its debtor-in-possession lenders have thrown in the towel.
Worldspace said Friday that the DIP lenders exercised their right to terminate the purchase agreement after Yenura defaulted on payments and failed to remedy the defaults within the applicable cure...
Full Description

Worldspace, Inc. has established an operational satellite-based digital radio system, commonly known as Digital Audio Radio Service (DARS) and is a licensed DARS provider outside of North America, South Korea and Japan. The Company’s operational system consists of four main elements: two geostationary satellites, AfriStar and AsiaStar; the associated ground systems that provide content to and control satellites; a terrestrial repeater network to be built out in each of the Company’s target jurisdictions, commencing in Italy, in order to facilitate a mobile service; and the receivers owned by customers. Each of the Company’s satellites can service three large geographic areas through three beams capable of carrying up to 50-60 channels each, based upon the waveform and other changes the Company is making in implementing its European technology. In October 2008, WorldSpace, Inc., along with its United States subsidiaries, WorldSpace Systems Corporation and AfriSpace, Inc., filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in Delaware. WorldSpace will continue to operate its business and manage its assets as a debtor-in-possession.

Worldspace offers a subscription package for non-mobile services in India, a subscription package for non-mobile services in Africa and the Middle East and a package for non-mobile services targeted to English-speaking expatriates living throughout the Company’s current broadcast area. As of December 31, 2007, Worldspace had more than 174,000 paying subscribers, including approximately 163,000 subscribers in India, and over 11,000 subscribers in the rest of the world, including Europe, the Middle East, and Africa. The Company has ceased, however, traditional marketing and promotional activities for its non-mobile services in these areas.

Programming and Content

The Company’s content seeks to be a key differentiating factor in attracting subscribers and increasing its subscription revenue. Overall, Worldspace broadcasts a total of 90 separate digital channels, delivering music and multilingual news, sports, information and data. As of December 31, 2007, 39 channels are provided by international, national and regional third parties and 35 are WorldSpace-branded channels produced by the Company, or by third parties uniquely for the Company. The balance is data and First Voice channels. The northwest beam of the Company’s AsiaStar satellite offers 45 channels to its primary market of India. Some of its channels are available free-to-air, but require subscription service. The other two beams on the AsiaStar satellite are configured to broadcast in China and Southeast Asia. The Company’s AfriStar satellite offers 59 channels, most of which are available on two of the three beams, the west beam having been substantially cleared for testing preliminary to the launch of its mobile service in Italy. The programs offered on these channels are broadcast into Africa, the Mediterranean basin countries, the Middle East and parts of Europe.

Receivers and Multimedia and Data Devices

WorldSpace has developed for Europe and other markets a satellite-terrestrial broadcast technology based on the Satellite Digital Radio (SDR) standard approved in September 2006 by the European Telecommunications Standards Institute (ETSI). This waveform uses error correction codes (turbo-codes) together with highly adaptable time interleavers. In addition, the product implements a flexible modulation scheme that addresses low-power and high-power satellites. WorldSpace has entered into a contract with the Fraunhofer Institute (Germany) for the development of an SDR receiver reference design. WorldSpace has concluded agreements with ST Microelectronics, a chipset development company, and Delphi Corporation, a satellite radio system developer to develop the ETSI chip-set, original equipment manufacturer (OEM) and After-Market products for Europe.

WorldSpace has concluded an agreement with Delphi Corporation, a satellite radio receiver product developer, to develop the after-market products for Europe. The first such agreement to develop two generations of the first after-market SDR receiver was signed with Delphi in January 2008. In addition, WorldSpace and Delphi are in the final stages of negotiating the development agreement for the first generation OEM receiver implementing the ETSI Technology. After WorldSpace obtained a license to build and operate the first L-band satellite radio repeater network in Italy, WorldSpace signed an agreement with Telecom Italia to design and deploy the terrestrial repeater network throughout Italy for the launch of its first service in Europe.

The WorldSpace System

The Company’s system is a complete digital audio, data and multimedia system comprising three components: the space segment, the ground segment, which includes satellite control, content uplinking and terrestrial repeaters (when the Company completes the repeater network installation in Italy), and the user segment. The space segment is designed to cover most of the geographical areas of the world (except North America and Australia) using three geostationary satellites. Two of the satellites, AsiaStar and AfriStar and their associated ground control systems, are providing operational services to Asia, all of the Middle East and Africa, and parts of Europe.
In addition, the Company has a fully assembled satellite in storage and the long lead parts for another.
The satellites are designed to provide digital audio, multimedia and data broadcasting to small fixed and portable L-band receivers in their line of sight anywhere in their broadcast coverage area.




Approval of Sale:  On March 19, 2009, the Court approved the sale of the Debtors' assets.

Please click here to review the Order Approving the Sale.



General Information:  On October 17, 2008, each of the Debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The three cases were assigned the case numbers listed below (collectively, the "Bankruptcy Cases") and are jointly administered under Case No. 08-12412. The Bankruptcy Cases are pending before the Honorable Peter J. Walsh in the United States Bankruptcy Court for the District of Delaware.