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WorldSpace Terminates Asset Purchase Pact

Sep 01, 2009 (Close-Up Media via COMTEX) --

Company: WorldSpace Inc (WRSPQ)

WorldSpace, Inc. announced that the asset purchase agreement providing for the sale of substantially all of its assets to Yenura had been terminated by WorldSpace's debtor in possession lenders.

In an August 27 release, WorldSpace reported that the DIP Lenders exercised their right to terminate the Yenura purchase agreement after Yenura had defaulted in the payment of certain amounts payable thereunder and had failed to remedy such defaults within applicable cure periods.

WorldSpace said it is in discussions with its creditor constituents regarding, and is reviewing, its strategic alternatives in light of the notification of the Yenura purchase agreement termination.

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News Provided by COMTEX

Company: WorldSpace Inc (WRSPQ)


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