WorldSpace founder, chairman and CEO Noah Samara has purchased the financially troubled company at auction. That’s according to RapidTV News, quoting from a Delaware Bankruptcy Court document.
Samara bid $25 million in cash for the assets of the Maryland-based international satellite broadcaster, with the funds coming from Samara’s Yenura Pte Ltd, a Singapore-based business. The assets 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 all in separate bankruptcy actions, according to the account.
Yenura is listed in the bankruptcy filing as an unsecured creditor, owed some $55 million.
