Silver Spring, Md. – WorldSpace, the satellite radio
provider that filed for Chapter 11 bankruptcy in late 2008, said that it has
closed a deal to sell its assets to Yazmi USA, a company owned by WorldSpace
CEO Noah Samara.
Yazmi paid $5.5 million under the agreement — a fraction of
the $28.8 million that Samara’s Singapore-based firm, Yenura, agreed to pay in
early 2009.
That deal, however, was later terminated by the company’s lenders.
Liberty Media, which had been providing WorldSpace with debtor-in-possession
financing, then called off talks about a possible acquisition of the company in
March.
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