WorldSpace Inc fka WRSPQ

[bepop12345]

.....Liberty Media, which holds a 40% stake in Sirius XM, was seen as the last hope for the company’s survival. WorldSpace was given until April 17th to submit a reorganization plan to emerge from Chapter 11. WorldSpace then announced a plan to decommission its satellites. The original October 2008 Chapter 11 petition listed total debt equaling $309 million and total assets equaling $307 million. The debt included $53.1 million in convertible debt and $36.1 million in senior secured notes. WorldSpace had two geostationary satellites and about 170,000 subscribers in 10 countries.

In early 2009, the founder and former CEO of WorldSpace, Noah Samara, through his Singapore-based firm, Yenura Pte. Ltd., had agreed to pay $28.8 million for the WorldSpace assets. The deal eventually went south when lenders pulled out and Mr. Samara’s company defaulted on the contract. After Liberty pulled out of negotiations with WorldSpace, Samara came back to the table a second time with his U.S based company, Yazmi USA LLC. This time Samara was successful. A deal was reached late last week for Yazmi to acquire “substantially all the assets of WorldSpace and its co-debtors” for $5.5 million, a fraction of the early 2009 $28.8 million deal.

http://satelliteradioplayground.com/2010/06/28/worldspace-satellite-radio-assets-purchased-for-5-5-million/

http://1worldspace.pirmarketing.com/