World Space Still Hovers in Chapter 11 Limbo


        Radio on FacebookJoin us on Facebook

The saga of defunct satellite broadcaster World Space continues to drag on, despite the fact that its chapter 11 bankruptcy proceedings were scheduled to conclude by Aug. 1, 2009.

According to reports filed by Chris Forrester in Rapid TV News, the latest twist in a tortuous tale of decline comes as former World Space CEO Noah Samarra's purchase of his former company's assets at a federal bankruptcy court auction has apparently stalled out. Yanura PTE of Singapore, a firm reportedly controlled by Samarra, placed a high bid of $28 million with the court back in March, but has been unable to deliver the cash needed to close the deal, forcing an extension of the bankruptcy proceeding.

World Space filed for chapter 11 last year, but has continued to operate under a "Debtor in Possession" arrangement using funds borrowed against the firm's ultimate liquidation. That credit line is now said to be nearly exhausted.

Forrester says that bankruptcy attorneys handling the case have filed for an extension of Chapter 11 till Dec. 31, giving Yanura a few more months to find financing for the transaction.




Acceptable Use Policy
blog comments powered by Disqus

[an error occurred while processing this directive]

Today in Radio History

Milestones From Radio's Past

The history of radio broadcasting extends beyond the work of a few famous inventors.

Digital Edition

Each Issue as a Digital Edition

Read each issue online in our Digital Edition Format in your Web browser.

EAS Information More on EAS

NWS XML/Atom Feed for CAP Messages

The feed provides feeds for all US states and territories.

Wallpaper Calendar

Radio 2014 Calendar Wallpaper

Need a calendar for your computer desktop? Use one of ours.

The Wire

A virtual press conference

Information from manufacturers and associations about industry news, products, technology and business announcements.

Join Us Facebook Twitter YouTube LinkedIn
Radio magazine cover

Current Issue

Powered by NASH: Cumulus Delivers Country From Nashville

Cumulus builds a new campus in Nashville to house its NASH family of brands

Browse Back Issues

[an error occurred while processing this directive]