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WorldSpace Files for Bankruptcy
On Friday, WorldSpace, the provider of satellite radio services outside the United States, said it filed for voluntary Chapter 11 bankruptcy.
WorldSpace said its board of directors determined that Chapter 11 reorganization was necessary for the company to engage in an orderly process to raise sufficient funds to repay its senior secured and convertible debt. That effort could lead to a sale of the company or its assets, or a recapitalization of the company, WorldSpace said in a statement.
WorldSpace said it will continue to operate its business and manage assets as a "debtor-in-possession" under the jurisdiction of the court.
On Friday, WorldSpace, the provider of satellite radio services outside the United States, said it filed for voluntary Chapter 11 bankruptcy.
WorldSpace said its board of directors determined that Chapter 11 reorganization was necessary for the company to engage in an orderly process to raise sufficient funds to repay its senior secured and convertible debt. That effort could lead to a sale of the company or its assets, or a recapitalization of the company, WorldSpace said in a statement.
WorldSpace said it will continue to operate its business and manage assets as a "debtor-in-possession" under the jurisdiction of the court.
