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Samara regains WorldSpace
Satellite radio provider WorldSpace is back in the hands of its founder after Judge Peter Walsh from the US Bankruptcy Court for the District of Delaware approved Yazmi USA’s US$5.5m bid for its assets.
Yazmi USA is an investment vehicle owned and…
Satellite radio provider WorldSpace is back in the hands of its founder after Judge Peter Walsh from the US Bankruptcy Court for the District of Delaware approved Yazmi USA’s US$5.5m bid for its assets.
Yazmi USA is an investment vehicle owned and controlled by Noah Samara who founded WorldSpace back in 1990. Samara previously tried to snap up WorldSpace, which filed for Chapter 11 bankruptcy protection back in October 2008, via another investment vehicle, the Singapore-based Yenura, but the company’s debtor-in-possession lenders terminated the agreement in mid-2009 when it became apparent that Yenura was struggling to find the necessary funds to finance the US$28m acquisition.
Samara has now seemingly been successful in his bid to reclaim his company, with Judge Walsh approving the sale at a sale hearing on June 1. If there are no further complications or fresh appeals from the WorldSpace lenders, then satellite radio provider should exit Chapter 11 bankruptcy protection over the next few weeks.
Shearman & Sterling and Pachulski Stang Ziehl & Jones are counsel to WorldSpace on the bankruptcy case. Shearman & Howard are counsel to the debtors’ secured lenders, while Arent Fox and Elliot Greenleaf & Siedzikowski are advising the unsecured lenders.
