Worldspace Corporation fka WRSP

[Dcon]

Hey Anthony
I don't know if this is good or not one could look at it both ways.Dcon

WORLDSPACE(R), Inc. Reaches Agreement to Defer Debt PaymentLast update: 7/1/2008 9:18:01 AMSILVER SPRING, Md., Jul 01, 2008 (BUSINESS WIRE) -- WORLDSPACE(R) Satellite Radio (WRSP), one of the world leaders in satellite-based digital radio services, announced today that it has agreed with each of the four 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 July 9, 2008 the Company's obligation to pay $19.86 million in principal amount of the Bridge Loan Notes including accrued but unpaid interest due on the Bridge Loan Notes and Convertible Notes that was scheduled to be paid on June 30, 2008. In connection with this agreed deferral, each of the note holders will receive a pro rata portion of an aggregate of 1.5 million new Company warrants exercisable for shares of the Class A Common Stock of the Company. The warrants will be exercisable at $1.55 per share, and will be exercisable for a 5 year period from the date of issuance. WORLDSPACE has further agreed to grant registration rights reasonably acceptable to the holders with respect to the shares underlying these new warrants, which will have identical terms to the warrants that were issued to the holders on June 13, 2008 in connection with the previously announced deferral agreement. Interest on all of the holders' existing Bridge Loan Notes and Convertible Notes will continue to accrue until paid in full. About WORLDSPACE(R) Satellite Radio Based in the Washington, DC metropolitan area, WorldSpace, Inc. (WRSP) 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. The Company's two- satellite network covers two-thirds of the earth's population with six beams. Each beam is capable of delivering up to 80 channels of high quality digital audio and multimedia programming directly to WORLDSPACE(R) satellite radios anytime and virtually anywhere in its coverage areas. WORLDSPACE is finalizing preparations to launch Europe's first subscription-based mobile satellite radio and data service beginning with Italy in 2009, and followed by other European and Middle Eastern countries including Germany and the UAE. Upon service launch, subscribers will have access to a wide range of exclusive content available in national languages, including commercial-free music as well as news, sports, talk and other entertainment content (40-50 channels at service maturity). WORLDSPACE also expects to offer unique data services including real-time traffic information and navigation for automobile commuters, weather forecasts, and personalized content such as music downloads directly from the satellite. WORLDSPACE is a pioneer of satellite-based digital radio services (DARS) and was instrumental in the development of the technology infrastructure used today by XM Satellite Radio. For more info, please visit or 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. SOURCE: WORLDSPACE, Inc.
Media ContactWORLDSPACE, Inc.Judith Pryor, [e-mail] ContactWORLDSPACE, Inc.Sridhar Ganesan, [e-mail] Business Wire 2008 Copyright © 2008 MarketWatch, Inc. All rights reserved. Please see our Terms of Use.
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