WorldSpace Again Defers Debt Payment
By Staff Writer | July 2, 2008
[Satellite Today – 7-02-08] WorldSpace Satellite Radio reached an agreement with four of its creditors to defer debt payments for the second time in less than a month, WorldSpace announced July 1.
Under the latest agreement, WorldSpace delayed payment of $19.9 million in principal until June 9. On June 4, the satellite radio operator reached an agreement with the creditors to delay a $17.7 million payment until June 30.
In connection with the latest deferral, each of the note holders will receive a portion of 1.5 million new WorldSpace warrants that can be converted into common stock.