The U.S. Bankruptcy Court in Delaware has approved the sale of the satellite radio assets of WorldSpace Inc. and its U.S. subsidiaries, WorldSpace Systems Corp. and AfriSpace Inc. to Yenura Pte. Ltd., a company controlled by WorldSpace founder, chairman and CEO Noah A. Samara.
It is buying the assets for $28 million cash and assumption of certain liabilities, following an auction. The acquisition still needs regulatory approvals.
According to an earlier account from RapidTV News, the assets involved in this proceeding include WorldSpace satellites, patents and ground control facilities, as well as subsidiaries not involved in their own bankruptcy proceedings. WorldSpace Europe, WorldSpace UK and WorldSpace Europe Holdings are in separate bankruptcy actions