Music Startup's DIP Financing Plan Approved

Law360, New York (February 16, 2012, 5:36 PM EST) -- A New York bankruptcy judge approved a debtor-in-possession package Thursday for Beyond Oblivion Inc., a digital music startup backed by media mogul Rupert Murdoch's News Corp. that never got off the ground and is preparing to sell its assets.

The company, which gathered $34 million in investment capital from a number of investors, including News Corp., before it became clear it couldn't raise enough for a launch, is poised to sell itself for at least $1.5 million, according to court documents filed in the case....
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