Edit: If you read this earlier, sorry for the mess. I’m running this blog on the pre-beta WordPress 2.7, and looks like something is wrong somewhere — my posts weren’t being saved in full. I just upgraded to the latest nightly build, and that seems to have solved the problem.
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After battling for years to stay afloat, Silver Spring, Maryland, USA-based satellite radio operator, WorldSpace Inc., finally filed for bankruptcy protection last Friday, 17th of October, 2008.
I first came to know about WorldSpace during my undergraduate days at KNUST here in Ghana, when one professor asked me to do a review of the space segment of the company’s broadcasting network.
WorldSpace uses its two “geostationary” satellites, AfriStarâ„¢ and AsiaStarâ„¢, to broadcast 62 digital-quality audio channels offering news, sports, music, brand name content and educational programming to some paid 170,000 subscribers in Africa, Middle East, Europe and Asia.
In July 2008, the company changed its name from WorldSpace to “1worldspace”. The company was founded by Ethiopian-born US lawyer, Noah A. Samara, who says about the motivation for founding WorldSpace:
In the mid-1980s, I read something that changed my life. It was an article in the Washington Post about AIDS in Africa and how it was spreading because millions of people had no information or the wrong information. It became clear to me that people weren’t simply dying of disease; they were dying of ignorance.
Something had to be done. I came up with the idea of launching a satellite over Africa that would broadcast digital radio across the continent to inexpensive portable receivers. In 1990, I quit my job and devoted my body, mind and spirit to a quest that required securing international regulatory approval from 127 countries, designing a new communications system, building and launching satellites, establishing a corporation, hiring staff and raising capital to pay for it all.
We needed around $1.5 billion to make it happen.
WorldSpace offered its IPO on the NASDAQ Stock Exchange on August 4, 2005, closing at the end of the first day of trading at $22.36 a share. On October 17, 2008 (the day the company filed for bankruptcy) the stock closed at an all-time low of $0.18. In bankruptcy documents filed in the U.S Bankruptcy Court in Wilmington, Del., the company listed assets of $307.4 million and liabilities of $2.12 billion.

Hitachi Worldspace Radio Receiver
More about the WorldSpace bankruptcy filing on WSJ (article behind pay wall).