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Deal Gives Worldspace Unsecured Creditors $1.3M

Law360 (April 28, 2009, 12:00 AM EDT) -- A court has approved a deal between bankrupt satellite radio company Worldspace Inc., its unsecured creditors, secured lenders and proposed buyer Yenura Pte. Ltd. under which secured lenders will be paid slightly less than their full claims in order to offer a modest payment to unsecured creditors.

The settlement, which was approved Monday by Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware, will likely provide about $1.3 million in cash for distribution to unsecured creditors, according to Worldspace. The company...
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