MUMBAI: Liberty Satellite Radio is wrapping up its purchase of satellite radio company Worldspace, reports website Rapidtvnews.
Documents filed before a US Bankruptcy Court show that an agreement has been reached. Liberty has, to date, paid a total of US$19.6m to keep Worldspace afloat.
In India, Worldspace has been silent since the beginning of 2010. Liberty, that was expected to pick up the India operations of the Indian arm, apparently changed its mind only in December 2009, leaving subscribers and employees alike, in the lurch.
A filing to the US Bankruptcy Court says that Liberty has paid in another $1m to fund payroll and other obligations for Worldspace. The Debtors [Worldspace] hope that that such funding will provide a bridge to a strategic transaction between Liberty and the Debtors,… said the filing, adding that the purchase is the Debtors’ best [and perhaps only] hope of confirming a plan and making distributions to creditors….
January’s bill for running costs, including liquidation costs for its South African operation, amount to $848,823. Worldspace India is shown as costing $42,000 in terms of its January payroll…, says Rapid TV News.
For the Rapid TV News story: click here