Global Satellite Radio Co. Falls Into Ch. 11

Law360, New York (October 20, 2008, 12:00 AM EDT) -- Satellite radio company Worldspace Inc. has filed for Chapter 11 bankruptcy protection, citing continuing losses and a failure to refinance secured notes worth about $53.6 million in a tightening credit market.

In a voluntary petition filed Friday in the U.S. Bankruptcy Court for the District of Delaware, Worldspace revealed that it has nearly $307.4 million in assets and more than $2.1 billion in debts.

Worldspace said that it may either recapitalize and emerge from bankruptcy, or sell its assets. Judith Pryor, Worldspace vice president of corporate...
To view the full article, register now.