WorldSpace told the Securities and Exchange Commission this week that agreements with each of the four holders of its secured and convertible notes expired.
The company stated in an SEC filing that talks continue with the note holders, however there is no assurance that the holders will continue to defer remedies under their respective financing agreements with the company. WorldSpace continues to seek new financing.
Company founder Noah Samara is still chairman and CEO; He had offered to step down if WorldSpace was not able to meet its payment deadlines.
