Law360, New York (August 31, 2009) -- Bankrupt satellite radio company Worldspace Inc. has announced that its deal to sell its assets to Yenura Pte. Ltd. is off now that its debtor-in-possession lenders have thrown in the towel.
Worldspace said Friday that the DIP lenders exercised their right to terminate the purchase agreement after Yenura defaulted on payments and failed to remedy the defaults within the applicable cure...
