Worldspace, Inc. Reaches Agreement to Defer Debt Payment
19 Setembro 2008 - 9:17AM
Business Wire
1worldspaceTM (NASDAQ: WRSP) announced today that it has reached an
agreement in principle with each of the four holders (the
�Holders�) of the Company's amended and restated secured notes (the
"Bridge Loan Notes") and second amended and restated convertible
notes (the "Convertible Notes") to defer until Sept. 25, 2008, the
Company's obligation to pay $19.97 million in principal amount of
the Bridge Loan Notes, plus accrued but unpaid interest due on the
Bridge Loan Notes, which was payable on Sept. 15, 2008. During a
period of forbearance, the Company is working on developing a
comprehensive operational and financial restructuring plan for
addressing both its immediate and longer term financing
requirements. The Company intends to present the plan to the
Holders on or before Sept. 25, 2008 and to seek their cooperation
in facilitating the implementation of the plan or an alternative
plan. Under the agreement in principle, the Company has agreed to
use its reasonable best efforts to appoint a Chief Restructuring
Officer acceptable to the Holders no later than Sept. 30, 2008. In
addition, in connection with the agreement, Mr. Noah Samara has
agreed that, in the event all amounts due under the Bridge Loan
Notes are not paid by Sept. 25, 2008, he will, if requested by the
Holders, step down from his positions as CEO and Chairman of the
Board of the Company while remaining as a director of the Company.
The agreement is subject to the satisfaction of certain conditions,
which the Company believes will be satisfied before close of
business on Sept. 19, 2008. The Company also announced that it has
retained The Bank Street Group (www.bankstreetgroup.com) as its
special restructuring adviser to assist in developing the plan
referenced above and in addressing its liquidity issues more
generally, including restructuring the Company�s debt, identifying
funding opportunities and pursuing other strategic alternatives.
About 1worldspace� Based in the Washington, DC metropolitan area,
1worldspace� is the world�s only global media and entertainment
company positioned to offer a satellite radio experience to
consumers in more than 130 countries with five billion people,
driving 300 million cars. 1worldspace� award-winning programming
provides subscribers with a combination of news, sports, music,
talk and entertainment, as well as brand-name content and
educational programming. Leading brands from around the globe found
on 1worldspace� include the BBC, Virgin Radio UK, and RFI.
1worldspace� satellites cover two-thirds of the earth and enable
the Company to offer a wide range of innovative services for
enterprises and governments globally, including distance learning,
alert delivery, data delivery, and disaster readiness and response
systems. 1worldspace� is a pioneer of satellite-based digital radio
services and was instrumental in the early development of the
technology infrastructure used today by XM Satellite Radio. For
more information, visit www.1worldspace.com. Forward-looking
Statements This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Such forward-looking
statements may be affected by inaccurate assumptions or by known or
unknown risks or uncertainties. Actual results may vary materially
from those expressed or implied by the statements herein. For
factors that could cause actual results to vary, perhaps
materially, from these forward-looking statements, please refer to
the Company's Form 10-K, filed with the Securities and Exchange
Commission, and other subsequent filings. Forward-looking
statements contained herein speak only as of the date of this
release. The Company does not undertake any obligation to update or
revise publicly any forward-looking statements, whether to reflect
new information, future events or otherwise.
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