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...
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