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Latest Satellite News Discussion, Update Worldspace ‘potential bidders’ lining up at General Satellite News forum; Worldspace ‘potential bidders’ lining up Tomorrow, Jan 6, a hearing will take place in the US Bankruptcy Court in Delaware ...

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Update Worldspace ‘potential bidders’ lining up - 04-January-2009, 22:20

Worldspace ‘potential bidders’ lining up

Tomorrow, Jan 6, a hearing will take place in the US Bankruptcy Court in Delaware to decide the date when an auction of Worldspace’s assets might take place, and to grant Worldspace another slice of operational cash as ‘Debtor in Possession’. The Court was told on Dec 30 that a number of potential bidders are conducting due diligence in preparation of bids for Worldspace’s assets.

Worldspace is “in discussions with a number of potential purchasers” said a Court affidavit submitted on Dec 30.

Originally the Court had set a date of January 7 for the start of the auction process. That is likely now to be extended, probably by 14 days to Jan 23 if Judge Peter Walsh agrees. January 15 will see the formal expiry of the 90-day Court-approved ‘Debtor in Possession’ period, and Worldspace is looking for this to be extended to Jan 29. If the Court approves the new dates the actual auction for Worldspace assets will take place on Jan 26.

Worldspace filed for Chapter 11 bankruptcy protection on October 17 with admitted debts in excess of $2bn. The Court filings show that the company’s principal assets include “two completed satellites in orbit; a satellite in storage; related operational ground equipment and intellectual property and related regulatory licences and various contracts.
   
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