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WorldSpace Adopts New Identity: 1worldspace

Meanwhile, company secures another extension on $20 million in debt.

WorldSpace is now 1worldspace.

Aiming to position itself as a “world-class identity and brand,” the Maryland-based satellite company has adopted this new name. The concept was developed by PIR Marketing — in the words of the announcement, to “celebrate the power of 1worldspace to bring together people from all over the world through the power of satellite communications and award-winning content.”

The company wants to emphasize its position as “the world’s largest global satellite radio footprint owner.”

The organization has faced a cash crunch this year and has been working with creditors to extend debt deadlines. The marketing work by PIR was done “substantially on a contributed value basis,” 1worldspace said in a statement.

Separately the company told the Securities and Exchange Commission that it won a two-week extension, until July 31, on payments totaling about $20 million in debt. That was an extension on an earlier relief agreement reached July 3. Now its Bridge Loan Notes must be paid in full no later than July 31.

It also agree to pay up to a half million dollars for the investors’ legal and financial costs.