WorldSpace seeks OK to sell satellite radio business for $5.5 million

By Lisa Kerner

Charlotte, N.C., May 19 - WorldSpace, Inc. wants the court to approve the sale of all or substantially all of the debtors' assets related to its satellite radio business to Yazmi USA LLC for $5.5 million cash plus the funding of some operating expenses of the debtors and other consideration, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Yazmi has made a $500,000 initial payment to fund operations, the filing said.

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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