WorldSpace receives three-month exclusivity extension to finish sale

By Caroline Salls

Pittsburgh, May 22 - WorldSpace, Inc. received a three-month 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.

The company's exclusive plan-filing period was extended to July 31 from April 30 and the solicitation period to Sept. 29 from June 29.

WorldSpace said it does not believe it will be in a position to finalize a plan of reorganization until the sale of its assets to Yenura Pte. Ltd. is completed.

WorldSpace said it expects to meet the July 31 deadline for closing the sale included in the purchase agreement.

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, 2008. Its Chapter 11 case number is 08-12412.

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