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Liberty Seeks Emergency Life Support for WorldSpace
Liberty Satellite Radio, a subsidiary of satellite media giant Liberty Media, is lending its support to a Feb. 11, 2010, filing requesting a federal bankruptcy court in Delaware to expedite an emergency hearing to extend the maturity of Debtor In Possession (DIP) financing for bankrupt satellite radio broadcaster WorldSpace and allow additional funding to be provided to cover expenses through the balance of the period.
The move would allow WorldSpace to continue to operate under Chapter 11 just long enough to allow Liberty to conclude acquisition of key WorldSpace assets, such as its two orbital and single spare backup satellites, as well as WorldSpace Italia SpA.
Liberty owns Direct TV and also holds significant financial interest in Sirius/XM.
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