WorldSpace, a key provider of satellite radio services to customers living in ten European, African and Asian nations, filed for Chapter 11 protection last Friday before the U.S. Bankruptcy Court in Wilmington, Delaware, listing assets of $307.4 million against debts of $2.12 billion. Founded in 1990, WorldSpace boasts two satellites in orbit (plus a third in storage) that, in addition to beaming satellite radio programs to emerging markets in Africa and Asia, offer an array of services to businesses and governments worldwide such as data, distance learning, and disaster readiness and response systems. The company also played a role in the early development of XM Satellite Radio and is credited with pioneering the satellite digital radio technology used by XM today. In documents filed with the court, WorldSpace CEO Noah Samara acknowledged that his company was forced to file for bankruptcy protection after seeking a series of forbearance agreements with its note holders since June. WorldSpace intends to continue operating throughout the bankruptcy process subject to court approval of a $13 million financing facility that is being provided by holders of the company’s existing senior secured and convertible notes. Plans to recapitalize the business or to sell off WorldSpace assets are among the options that are currently under consideration.