WorldSpace Will Go on Block

Maryland-based international satellite company is subject of auction
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WorldSpace will go on the auction block later this month, according to satil.com. We've reported the Silver Spring, Md.-based satellite radio broadcaster, which is heard in certain markets abroad, has been in Chapter 11 bankruptcy since October.

WorldSpace continues to operate as a debtor-in-possession with $13 million of DIP financing, which has priority over other creditors. According to SEC filings, its assets include the two satellites in orbit, AfriStar and AsiaStar. The company also has a third satellite in storage and various ground systems for operating the satellites.

As of June 30, 2008, the most recent date cited publicly, WorldSpace had more than 170,000 subscribers.

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