Noah Samara’s deal to buy the assets of troubled WorldSpace from its debtors appears to fallen apart.
The Maryland-based satellite company, now being run by “debtors in possession,” issued a statement Thursday saying “the asset purchase agreement providing for the sale of substantially all of its assets to Yenura Pte. Ltd. had been terminated by WorldSpace’s debtor in possession lenders.”
The lenders, it said, have exercised their right to terminate the purchase agreement “after Yenura had defaulted in the payment of certain amounts payable” and was not able to address the failure in the specified time.
WorldSpace, it said, is in discussions with its creditors about its options.