Napster files bankruptcy

Saw this over on Slashdot, everyone say aaah...

Napster, the embattled Internet music upstart which has been offline since July 2001, said Monday it has filed for bankruptcy protection.

The company filed under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in Delaware.

The German media firm Bertelsmann AG stepped in on May 17 with $8 million to buy Napster's assets. As part of that agreement, Napster was to seek bankruptcy protection and emerge as a wholly-owned unit of Europe's second- largest media group.

News source: CNN Money

View: Napster.com, showing the 17th May 2002 Bertelsmann AG announcement

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