WorldSpace Secures New Finance Facility
[Satellite Today — 1-3-08] WorldSpace Satellite Radio has secured up to $40 million of subordinated financing from Yenura Pte, WorldSpace announced Jan. 2.
The financing will be used for WorldSpace’s planned European expansion. The company plans to launch satellite radio services in Italy this year. WorldSpace also will seek to secure additional financing from a variety of sources, including existing and new investors, the company said.
Noah Samara, chairman and CEO of WorldSpace, controls all of the voting shares of Singapore-based Yenura as well as a minority of the economic interests. In 2006, WorldSpace sold shares to Yenura that allowed WorldSpace to retain its listing on the Nasdaq market.