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Business
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| WorldSpace Gets a Bit More Time on Debt Payment |
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7.03.2008
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Cash continues to be tight at WorldSpace. The company has announced it got an extension on a debt payment until the middle of next week as it works through continuing liquidity pressures.
The satellite radio firm, which operates internationally but is based in Maryland, said it agreed with four holders of debt to defer $19.86 million that is due until next Wednesday.
Each of the lenders will receive five-year warrants exercisable for shares of WorldSpace stock at $1.55 per share.
The organization announced an earlier deferral in June. The month before that, Chairman/CEO Noah Samara expressed concern about the company’s cash position and its pending payment obligations.
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