Liberty continues process of purchasing bankrupt Worldspace.

Posted: 01 Feb 2010   Print   Send a link
"Liberty Satellite Radio is wrapping up its purchase of Worldspace. Documents filed before a US Bankruptcy Court show that an agreement has been reached. Liberty has, to date, paid a total of US$19.6m to keep Worldspace afloat. A filing to the US Bankruptcy Court says that Liberty has paid in another $1m to fund payroll and other obligations for Worldspace. 'The Debtors [Worldspace] hope that that such funding will provide a bridge to a strategic transaction between Liberty and the Debtors,' said the filing, adding that the purchase is the Debtors’ 'best [and perhaps only] hope of confirming a plan and making distributions to creditors'." Chris Forrester, Rapid TV News, 27 January 2010. See previous post about same subject.