Worldspace has received approval in the United States Bankruptcy Court for the first part of an interim Debtor-in-Possession (DIP) financing in an amount up to $2 million, which will enable the Company to meet payroll obligations to critical employees and commence a process to sell the Company or its assets.

The Company has filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court in Delaware on 17 October 2008.