Worldspace Wins Interim Approval For Financing

Law360, New York (October 29, 2008, 12:00 AM EDT) -- Global satellite radio company Worldspace Inc. has won interim approval for a $6.5 million debtor-in-possession financing deal with a group of its noteholders.

Judge Peter Walsh, of the U.S. Bankruptcy Court for the District of Delaware, ruled Tuesday that Worldspace may obtain the financing pursuant to a term sheet filed earlier this month along with the company's bankruptcy petition. The $6.5 million includes a $2 million emergency loan approved shortly after the company went bankrupt.

Parties in the bankruptcy still have a chance to object before...
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