Napster wins $5m reprieve

posted onJune 26, 2002
by hitbsecnews

Source: Personal Computer World

Bertelsmann steps in with debtor-in-possession deal
Napster appears to have secured its future after winning approval for a $5.13m debtor-in-possession agreement with German prospective buyer Bertelsmann AG.
The controversial internet music swapshop, which filed for Chapter 11 bankruptcy protection earlier this month and has been unable to operate since July last year, said that it would use $4m of the money to prop up its business operations.

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