WorldSpace requests exclusivity extension due to complexity of issues

By Jennifer Lanning Drey

Portland, Ore., Feb. 13 - WorldSpace, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

WorldSpace wants to extend the exclusive plan-filing period to April 30 from Feb. 14 and the solicitation period to June 29 from April 15.

The company said given the size and complexity of its Chapter 11 bankruptcy case and the business and restructuring matters that still need to be resolved, it has not been in a realistic position to create and build acceptance for a plan to date.

A hearing is scheduled for March 19.

WorldSpace, based in Silver Spring, Md., has established an operational satellite-based digital radio system, commonly known as Digital Audio Radio Service, and is a licensed DARS provider. The company filed for bankruptcy on Oct. 17. Its Chapter 11 case number is 08-12412.

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