Worldspace Sale To Yenura Called Off

Law360, New York (August 31, 2009, 2:49 PM EDT) -- 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 periods. The $28 million sale was approved in March following an auction.

Worldspace said it was in discussions with its creditor constituents regarding its strategic...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.