Res Communis

Bankruptcy Court Approves WorldSpace Purchase By Yenura Pte. Ltd.

by P.J. Blount with the blog faculty

From SatNews Daily:

Bankruptcy Court Approves WorldSpace Purchase By… WorldSpace Founder…

WorldSpace, Inc. (WRSPQ.PK) has announced the United States Bankruptcy Court in Delaware has approved the sale of substantially all of the assets related to the satellite radio business of it and its U.S. subsidiaries, WorldSpace Systems Corporation and AfriSpace, Inc. to Yenura Pte. Ltd. (“Yenura”).

Yenura is purchasing the assets pursuant to an asset purchase agreement for a total purchase price of $28 million cash, the assumption of certain liabilities, and the subordination and release of certain claims. The parties expect the sale to close following the issuance of necessary regulatory approvals. Yenura is a company controlled by WorldSpace founder, Chairman and Chief Executive Officer Noah A. Samara.