spacetoday.net: WorldSpace files for Chapter 11

Posted: Tue, Oct 21, 2008, 5:51 AM ET (0951 GMT)
Satellite radio company WorldSpace filed for Chapter 11 bankruptcy protection late last week, citing over $2 billion in debt. WorldSpace, based in Maryland, filed for Chapter 11 on Friday after an extended period of financial problems. The company hopes to secure outside funding through a recapitalization or else will seek a sale of the company or its assets. The company has $13 million in debtor-in-possession financing to keep the company running for 90 days. The company has two satellites in orbit that provide satellite radio programming to regions of Africa and Asia.