[Satellite Today 03-26-09] A U.S. Bankruptcy Court in Delaware has approved the sale of WorldSpace Inc.’s assets related to its satellite radio business along with its U.S. subsidiaries, WorldSpace Systems Corp. and AfriSpace Inc. to Yenura Pte. Ltd. for $28 million in cash, Yenura announced March 25.
In addition to the cash payment, Yenura, which is controlled by WorldSpace founder, chairman and CEO Noah Samara, said it also is assuming certain liabilities, along with the subordination and release of certain claims.
The companies said they expect the sale to close following the issuance of necessary regulatory approvals.
WorldSpace Sold to Yenura for $28 Million
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