WRSPQ (meant to mention)

Frozen Tundra ..90 Day Thaw? Article..

If you are invested in the satellite radio sector, it is likely through Sirius XM Radio (SIRI) rather than WorldSpace (WRSP). For sector watchers, the recent happenings at WorldSpace do not bring about confidence, yet at this point there are likely more than a few people wondering if the problems at Worldspace are a precursor for Sirius XM.

Thursday, WorldSpace gained access to $2M in Interim Dip Financing and began their sale process.

WorldSpace has received the approval of the United States Bankruptcy Court in Delaware for the first part of an interim Debtor-in-Possession (DIP) financing in an amount up to $2M which will enable the company to meet payroll obligations to critical employees and commence a process to sell the Company or its assets.

WorldSpace, along with its U.S. subsidiaries WorldSpace Systems Corporation and AfriSpace, Inc., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware on Friday, October 17, 2008. In accordance with the terms of the DIP financing facility for which the Company has received initial court approval and intends to seek further approvals in the coming weeks, the Company has commenced a process to market and sell the Company or its assets, or complete an alternative restructuring transaction.

WorldSpace also announced that they have appointed Robert Schmitz of Quest Turnaround Advisors, LLC as its Chief Restructuring Officer reporting to Chairman and Chief Executive Officer Noah Samara to assist the Company through an orderly sale or recapitalization process.

WorldSpace India, a wholly owned independent business unit operating in the market where most of the Company’s customers are located and revenues are generated, has not filed for protection from its creditors and continues its business activities in the ordinary course.

As previously stated, WorldSpace will continue to operate its business and manage its assets as a ”debtor-in-possession” under the jurisdiction of the court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the court.

The holders of the Company’s existing senior secured and convertible notes have agreed to provide, subject to the satisfaction of certain conditions, a DIP financing facility of up to $13M for a period of 90 days in order to facilitate a sale transaction. The financing facility is expected to enable the Company to continue to pay salaries of critical employees and continue operations which are critical to preserving the value of its core assets through the term of the facility.

Position: Long SIRI, No Position WorldSpace

This is at the end of most pr's: "...Worldspace(TM) 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. 1worldspace(TM) award-winning programming provides subscribers with a combination of news, sports, music, talk and entertainment, as well as brand-name content and educational programming..."

I always wondered why even in India (WRSP's biggest market), there weren't more subs signed up. Having grown up in South Africa with the world's largest Indian population outside of India, I can tell you that satellite radio should be more popular there, imo. But then even here in the US, I know about 4 people with XM or Siri... One of those great ideas that people just don't spend cash on or never get around to signing up for.

What about those "300 million cars"? They would probably have to 'originally' installed with WRSP or satellite ability... so even in Europe it would still take a while to get traction...

Now that I think I about it, what about that cliche "radio is local"?

Possibly may be a good idea to see who picks up the ball from here, imo

I'm just now getting around to reading about this company in specific. I expect this company to be liquidated in the near future and it's services and customer list to be purchased by a middle east investor. The stock should produce some good bounces between now and then. But watch out for the dives.

After the bills are paid I doubt if there will be any money left over for the common share holder, so I look for this to become a shell stock.

WorldSpace, Inc. Gains Access to $2M in Interim Dip Financing and Commences Sale Process

The Bank Street Group LLC Appointed as Advisors in Conduct of Sale Process

Last update: 2:35 p.m. EDT Oct. 22, 2008

SILVER SPRING, Md., Oct 22, 2008

WorldSpace(R), Inc. a leading provider of satellite radio services outside the U.S., today announced it has received approval of the United States Bankruptcy Court in Delaware for the first part of an interim Debtor-in-Possession (DIP) financing in an amount up to $2M which will enable the Company to meet payroll obligations to critical employees and commence a process to sell the Company or its assets.
The Company, along with its U.S. subsidiaries WorldSpace Systems Corporation and AfriSpace, Inc., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware on Friday, October 17, 2008. In accordance with the terms of the DIP financing facility for which the Company has received initial court approval and intends to seek further approvals in the coming weeks, the Company has commenced a process to market and sell the Company or its assets, or complete an alternative restructuring transaction. The Bank Street Group LLC ( www.bankstreetgroup.com) has been appointed as the Company's financial advisor in support of the sale and/or restructuring process and all interested parties should contact Bank Street (Gary Grant, ggrant@bankstreetgroup.com or Richard Lukaj, rlukaj@bankstreetgroup.com) for further information.
In other announcements, WorldSpace appointed Robert Schmitz of Quest Turnaround Advisors, LLC as its Chief Restructuring Officer reporting to Chairman and Chief Executive Officer Noah Samara to assist the Company through an orderly sale or recapitalization process.
WorldSpace India, a wholly owned independent business unit operating in the market where most of the Company's customers are located and revenues are generated, has not filed for protection from its creditors and continues its business activities in the ordinary course.

As previously stated, WorldSpace will continue to operate its business and manage its assets as a "debtor-in-possession" under the jurisdiction of the court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the court.

The holders of the Company's existing senior secured and convertible notes have agreed to provide, subject to the satisfaction of certain conditions, a DIP financing facility of up to $13M for a period of 90 days in order to facilitate a sale transaction. The financing facility is expected to enable the Company to continue to pay salaries of critical employees and continue operations which are critical to preserving the value of its core assets through the term of the facility.

What I would expect is a published letter from N Samara putting a plan out there..!

I really didn't expect this either... What I am going to look at is whether Worldspace can reorganize or emerge at a later date - recapitalized with different management. I certainly would not advocate buying shares in WRSP right now though!!

(My thinking is along the lines of Kmart evolving into Sears holdings for example.)

First understanding Worldspace's predicament:

http://financialenglish.blogspot.com/2008/09/understanding-bankruptcy.html

http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html

Wow! Didn't really expect that. I made a decent trade off this last week and was looking for another entry point.

Think it will continue to trade or be halted?

WorldSpace, Inc. Voluntarily Files for Bankruptcy Protection


Last update: 3:02 p.m. EDT Oct. 17, 2008

SILVER SPRING, Md.

WorldSpace, Inc. a leading provider of satellite radio services outside the U.S., today announced it, along with its U.S. subsidiaries WorldSpace Systems Corporation and AfriSpace, Inc. have filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in Delaware.
The WorldSpace Board of Directors unanimously determined that Chapter 11 reorganization was necessary for the Company to engage in an orderly process to raise sufficient funds to repay its senior secured and convertible notes by means of either a sale of the Company or its assets, or a recapitalization of the Company.
WorldSpace will continue to operate its business and manage its assets as a "debtor-in-possession" under the jurisdiction of the court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the court. The holders of the Company's existing senior secured and convertible notes have agreed to provide, subject to the satisfaction of certain conditions, a "debtor-in-possession" financing facility of up to $13 million for a period of 90 days in order to facilitate a sale transaction. The financing facility is expected to enable the Company to continue to pay salaries of critical employees and continue operations which are critical to preserving the value of its core assets through the term of the facility.

Well, It's back down in the .90s

Hmmm, what to do. I'll get back in in the low .80's I think.

I'm just playing the charts right now.

Not sure if I'm sticking around here long term.

:)

Back down to $1.2... very volatile stock. I would LOVE another chance at 80c or so. Are you sticking around? Asst mod??

I'm actually amazed that there is no interest with this play on IHub .... so far. Financials are drying up, so who knows, maybe, there will be some more interest soon to drive it up higher.

GL

You guessed right:) Well it's looking good anyway.

Another nice move up today.

I think everyone is wrapped up in playing financials to see the movements here. I'm making some good profits on this. Hope it keeps moving north.

Bank Street Group retained as restructuring adviser...

http://www.bankstreetgroup.com/

Very Nice!

BOOOIIINGG! LOL

Worldspace, Inc. Reaches Agreement to Defer Debt Payment

9/19/2008 8:17:01 AM
SILVER SPRING, Md., 1worldspaceTM (WRSP) announced today that it has reached an agreement in principle with each of the four holders of the Company's amended and restated secured notes and second amended and restated convertible notes to defer until Sept. 25, 2008, the Company's obligation to pay $19.97 million in principal amount of the Bridge Loan Notes, plus accrued but unpaid interest due on the Bridge Loan Notes, which was payable on Sept. 15, 2008. During a period of forbearance, the Company is working on developing a comprehensive operational and financial restructuring plan for addressing both its immediate and longer term financing requirements.

The Company intends to present the plan to the Holders on or before Sept. 25, 2008 and to seek their cooperation in facilitating the implementation of the plan or an alternative plan. Under the agreement in principle, the Company has agreed to use its reasonable best efforts to appoint a Chief Restructuring Officer acceptable to the Holders no later than Sept. 30, 2008.

In addition, in connection with the agreement, Mr. Noah Samara has agreed that, in the event all amounts due under the Bridge Loan Notes are not paid by Sept. 25, 2008, he will, if requested by the Holders, step down from his positions as CEO and Chairman of the Board of the Company while remaining as a director of the Company. The agreement is subject to the satisfaction of certain conditions, which the Company believes will be satisfied before close of business on Sept. 19, 2008.

The Company also announced that it has retained The Bank Street Group () as its special restructuring adviser to assist in developing the plan referenced above and in addressing its liquidity issues more generally, including restructuring the Company's debt, identifying funding opportunities and pursuing other strategic alternatives.

Thx for the boardmark:) I don't know... I think pps is already below the double bottom from a few months back. Quite possibly the fall has to do with the recent debt and credit reorganization.

WOW! Last post 8-14-08

Well, this has dumped hard lately. Let's see if this dog bounces off of .88

It's very do for a bear bounce!

200dma (ema and sma) are moving down towards the current pps. Sitting between 1.90 and 2.10, with 50dma around 1.6 so we may some resolution as to where the pps is going by the end of the year, imo.

1worldspace Reports Second Quarter 2008 Results

Aug. 14, 2008

SILVER SPRING, Md.,1worldspace the only global satellite communications company positioned to offer crystal-clear radio to listeners in more than 130 countries, today announced results for the second quarter ended June 30, 2008. The Company ended the quarter with 171,657 subscribers worldwide, a slight increase of 187 from the close of the prior quarter, continuing to reflect the cessation of marketing efforts in India and other parts of the world ahead of the Company's efforts to launch its mobile service in Europe in 2009, as well as the need to raise additional funding. In India, the Company gained 2,283 net subscribers during the second quarter of 2008, even with substantially reduced marketing spend in that region. 1worldspace ended the period with 164,309 subscribers in India, compared with 162,026 at the end of the first quarter of 2008.

Highlights of the second quarter include:

-- As previously announced WorldSpace Europe, a majority-owned subsidiary, received approval from Germany's Federal Network Agency, the Bundesnetzagentur, for the operation of a terrestrial repeater network in Germany. The repeaters will work in conjunction with the 1worldspace existing satellite network to provide German consumers with a subscription-based satellite radio service to automobiles, starting sometime in 2009.
-- An agreement with STMicroelectronics for the development, manufacture and distribution of chips for the 1worldspace mobile receiver for the European aftermarket. The agreement between 1worldspace and STMicroelectronics is expected to lead to the first fully-integrated device for channel decoding in ESDR receivers.
-- On June 13, 2008 the Company reached an agreement with its existing note holders to defer its June 1, 2008 debt repayment of $17.7 million and accrued interest of $2.16 million to June 30, 2008. The Company also agreed to accelerate the repayment of the remaining unpaid principal amount of the Bridge Loan Notes of $17.5 million to July 31, 2008.
Three additional transactions of interest occurred after the close of the second quarter:
-- On July 3, 2008, the Company reached a revised agreement with its existing note holders to defer the June 30 payment until July 9, 2008, on which date the payment was further deferred to July 31, 2008, when the second payment of $17.5 million was also due, as the Company entered into a second forbearance agreement and amendment.
-- Upon receipt of funding to make one of the July 31, 2008, obligations, on July 24, 2008, the Company entered into a third forbearance agreement and amendment under which the Company agreed to pay on or before July 25, 2008, an aggregate of $18.5 million to the investors in principal and interest and further extended the forbearance period through September 15, 2008 for the remaining unpaid principal amount of the Bridge Loan Notes of about $20 million. In addition, the Investors agreed to change the September 30, 2008 maturity date of the Convertible Notes to December 31, 2008 if the Company has paid in full on or before September 15, 2008, all amounts due on the Bridge Loan Notes.
-- On July 24, 2008 1worldspace secured $20 million of subordinated financing from Yenura Pte. Ltd., a company controlled by Noah Samara, chairman and CEO of 1worldspace. Approximately $18.5 million was used to meet the terms of the July 25, 2008 financing terms reached with its investors, leaving approximately $1.5 million to make certain payments owed to vendors and other persons.
The Company also introduced its new brand, 1worldspace and a new website was launched on July 14, 2008.
"Our goals moving forward in 2008 continue to be the resolution of our financial situation and a focus on our plans to bring mobile satellite radio services to Europe, starting with Italy sometime next year," said Noah A. Samara, Chairman and CEO, 1worldspace. "We have also drastically reigned in spending in India, pending the attainment of the license for repeaters and a local equity partner relationship there, as we continue to work very hard to solve our liquidity issues."

Subscriber Growth
Gross subscriber adds of 15,865 in India were slightly up from 15,637 in the second quarter of 2008. Net subscriber adds in India in the second quarter were slightly higher at 2,283 compared to net subscriber losses of 1,049 in the first quarter of 2008. The Company continues to work towards stabilizing its subscriber base, while awaiting approval of its terrestrial offering in the country along with finalization of potential partnership agreements.

Revenue
For the second quarter of 2008, 1worldspace reported revenues of approximately $3.3 million, a slight increase over revenues of approximately $3.0 million for the first quarter of 2008. Subscription revenue was approximately $1.8 million for the second quarter of 2008, compared with approximately $1.9 million in the second quarter of 2007. On a sequential basis, subscription revenues in the first quarter of 2008 were approximately $1.7 million.

Operating Expenses
Total operating expenses for the second quarter of 2008 were $33.1 million, a 26.5% decline from operating expenses of $45.0 million in the second quarter of 2007, primarily reflecting reduced marketing activity in India, as well as decreased compensation and lower professional and legal fees in the 2008 period.

Net Loss and EBITDA Loss
1worldspace recorded a net loss for the second quarter of 2008 of $36.0 million, or $0.85 per share, compared with a net loss of $51.2 million, or $1.30 per share for the second quarter of 2007. 1worldspace had an EBITDA (earnings before interest income, interest expense, income taxes, depreciation and amortization) loss of $15.2 million for the second quarter of 2008, compared with an EBITDA loss of $27.0 million for the second quarter of 2007.
As of June 30, 2008, the Company had cash and cash equivalents of $1.2 million, along with restricted cash and investments of approximately $4.8 million, compared with $2.0 million and $5.6 million, respectively, as of March 31, 2008.

SAC and CPGA
Subscriber Acquisition Costs (SAC) were $13 in the second quarter of 2008 on a blended basis (India and the rest of the world) and $19 in India, compared with $28 on a blended basis and $30 in India for the first quarter of 2008. Cost Per Gross Addition (CPGA) decreased in the quarter to $22 on a blended basis, down from the $70 CPGA in the prior quarter, reflecting the lower marketing activity in India, and CPGA in India, decreased to $27 for the second quarter of 2008 from $72 in the first quarter of 2008. WorldSpace's CPGA is the fully-loaded cost to acquire each new subscriber, including SAC, as well as advertising and marketing expenses. SAC also represents a subsidy on equipment sales.

RASPBERRY for last couple of days! So what was the surprize that pushed us off the table? The extra $20m in credit from Yenura? (See today's pr, last post.)

WorldSpace Agrees To Pay $18.5M To Loan, Conv-Note Hldrs

WRSP said Friday that it agreed to pay each of four holders of its bridge-loan notes and convertible notes $18.5 million, representing the interest accrued on the bridge notes and the convertible notes and a payment of $15.2 million on the principal amount outstanding under the bridge notes. According to a filing with the Securities and Exchange Commission, the holders have agreed to extend the maturity date of the remaining amounts due under the bridge-loan notes until Sept. 15. In addition, the holders agreed that the Sept. 30 maturity date of the convertible notes will be changed to Dec. 31 if the company has paid in full by Sept. 15 all amounts due on the bridge loan notes. WorldSpace also said in the filing that it entered into a financing agreement with Yenura Pte. Ltd., a Singapore company. Under terms of the agreement, WorldSpace is permitted to draw down up to $20 million. -By Ingrid Pedrick Lehrfeld

The draw back was
coming it has been a bad day for all today

Thanks bud :) I'm not surprized to see us come in today, there's hardly anything green on my streamer.

Board mark # 3

We're through the 200day, looks like a golden cross could be on the way, imo.

Well Ant
you have got a winner here wish I had some powder to shoot at it. Dcon

http://www.1worldspace.com/

Looks like I've got more work on the i-box! lol Website looks terrific.

WORLDSPACE, with the Creative Support of PIR Marketing, Unveils "1worldspace" as New Corporate Identity and Brand and Launches Re-Designed Company Website

New Positioning Reflects the Company's Revolutionary Digital Strategy to Engage Listeners in Radio, Beyond Radio

SILVER SPRING, Md., Jul 22, 2008 WRSP, the only global satellite communications company positioned to offer crystal-clear radio to listeners in more than 130 countries, with the creative support of PIR Marketing, a premier boutique full-service marketing firm, today unveiled "1worldspace" as its new corporate identity and brand, and launched a re-designed company website showcasing this new positioning.

Developed by PIR Marketing to reflect the Company's mission and vision, the new 1worldspace brand and tagline--"I am many; my world is 1"-- 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 new corporate identity, brand and website were developed by PIR Marketing, substantially on a contributed value basis as their expression of confidence in the Company's business and vision. The Company's new world class identity and brand portray, more clearly than ever, the Company's business potential as a unifying global voice.

Commenting on her work for WORLDSPACE, H.H. Leonards Spero, PIR Marketing's founder and Chief Executive Officer, noted: "For me, life is simple. We are the creators of our own future. It is enormously important to remind ourselves that we are all here together, whether we are famous or anonymous, creators at some moments, receivers at others. We share this world. We are 1." And she added, "The breathtaking vision and business of 1worldspace speaks to how I see the world and what we can do to shape its future for our children."

The new 1worldspace brand highlights the Company's position as the world's largest global satellite radio footprint owner and reflects the Company's commitment to leveraging satellite communications to break down social, geographic and economic barriers to deliver compelling content to new audiences in its vast market place. The new website also developed and implemented by PIR Marketing -- 1worldspace.com -- showcases the Company's award-winning content. The 1worldspace website is also poised to offer functionality designed to foster global communities of listeners and to create an environment through which traditionally passive listeners may actively engage in the radio experience. This new brand also reflects the Company's revolutionary digital strategy to engage customers in radio, beyond radio - for example, disaster warning, response and recovery communication services.

"No words will ever express the admiration and gratitude I feel for H. H. Leonards and her team, their work and their generosity," said Noah A. Samara, Chairman and CEO of 1worldspace. "Our new bold brand will be the backbone of our business and our corporate culture, and all of us will be careful guardians of the brand, by managing the business to success for the long term. I am especially proud that our new name and brand so clearly reflect our vision for 1worldspace to build a global community of listeners who have the freedom to share their ideas and to influence our programming. I am looking forward to using our new website to engage in a dialogue with listeners from across the globe about the issues that are important to them and to develop programming that not only speaks to them, but is actually impacted by them. We are many; our world is 1."

About 1worldspace Based in the Washington, DC metropolitan area, 1worldspace 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. 1worldspace's award-winning programming provides subscribers with a combination of news, sports, music, talk and entertainment, as well as brand-name content and educational programming. Leading brands from around the globe found on 1worldspace include the BBC, CNN International, Virgin Radio UK, and RFI. 1worldspace's satellites cover two-thirds of the earth and enable the Company to offer a wide range of innovative services for enterprises and governments globally, including distance learning, alert delivery, data delivery, and disaster readiness and response systems. 1worldspace is a pioneer of satellite-based digital radio services and was instrumental in the early development of the technology infrastructure used today by XM Satellite Radio.

For more information, visit . SOURCE: WORLDSPACE, Inc.
WORLDSPACE, Inc.Judith PryorSVP, Corporate Affairs+1 301 960 1242jpryor@worldspace.comCopyright Business

How do you like us now:) eom

Up 29c and boardmarks up 100%, a good day:)

So far not, that really should be in a pr.

Well, I took a small position here this afternoon

Trying to read through some financials.... Have they scheduled this shareholder meeting yet?
Dave

In accordance with applicable rules of The Nasdaq Global Market, the Second Amended and Restated Convertible Notes and the New Warrants contain a cap on the exercise of conversion or exercise rights, such that no more than an aggregate of 19.9% of the Company’s outstanding shares may be issued pursuant to conversions of the amended and restated convertible notes or exercises of the warrants until the stockholder approval required by The Nasdaq Global Market has been obtained. The Company has agreed to solicit the requisite stockholder approval for the issuance of the shares pursuant to the Second Amended and Restated Convertibles Notes and the New Warrants at a special meeting of stockholders to be held not later than August 15, 2008.

Hey, after almost no volume all day... plenty of volume in the last hour. Hmm

Thats why
I will keep it on the radar .

Thanks Dcon, I had the same thought. The cost of borrowing this much money... That's why it's below $2 but imo we have seen the bottom. When they begin their Euro rollout things could really turn around.

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, 301-960-1242jpryor@WORLDSPACE.comorInvestor ContactWORLDSPACE, Inc.Sridhar Ganesan, 301-960-2300sganesan@WORLDSPACE.comCopyright Business Wire 2008 Copyright © 2008 MarketWatch, Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.

News provided by Dow Jones NewswiresSM, PR News Wire™ and Business Wire™. Dow Jones Newswires is a service mark of Dow Jones & Company. PR News Wire is a Trademark of PR Newswire Association, Inc. Business Wire is a registered trademark and service mark of Business Wire.

.

After an Adam&Eve bottom, looking good:

Nice! Closed above early April's highest close... with volume.

STMicroelectronics Website:
http://www.st.com/stonline/

WRSP's partner for European satellite digital radio chips.

WorldSpace(R) Partners with STMicroelectronics for European Satellite Digital Radio Chips
Aims to Produce a Complete System Solution to Propel Adoption of Digital Satellite Radio Services in Europe and the Middle East

GENEVA and SILVER SPRING, Md., June 17 -- STMicroelectronics (NYSE: STM), the market leader in technologies for digital satellite radio(1), has recently signed an agreement with WorldSpace(R) Satellite Radio (Nasdaq: WRSP), one of the world leaders in satellite-based digital radio services, to develop, manufacture and distribute chips for European Satellite Digital Radio (ESDR) receivers planned for a WorldSpace pan-European and Middle East service offering, starting with Italy in 2009.

The agreement between WorldSpace and ST is expected to lead to the first fully integrated device for channel decoding in ESDR receivers. Based on an open ETSI (European Telecommunications Standards Institute) standard, the ESDR technology enables WorldSpace to employ a hybrid satellite-terrestrial network, where its satellites deliver broad geographical coverage at low cost, while terrestrial transmitters improve reception quality in urban and suburban areas.

WorldSpace Satellite Radio's service offering will include 40-50 channels of commercial-free music, news, sports, talk and other personalized programming such as traffic, navigation and music downloads directly from the satellite, to each of its markets in Europe. The Company intends to launch its European service, beginning with Italy, in 2009, followed shortly thereafter by other major European and Middle East countries including Germany, Switzerland, Bahrain and the United Arab Emirates.

Designed using state-of-the-art CMOS technology, the new ST channel decoder device delivers high system integration and low current consumption. The chip is being tailored to ensure optimal reception in harsh conditions and to make maximum use of the available frequency spectrum.

In addition to the channel decoder, ST will provide three additional chips for WorldSpace digital radio receivers: a super-heterodyne RF tuner, a device for non-volatile secure data storage and the automotive version of ST's Nomadik application processor. This 'automotive grade' chipset will handle the complete RF and base-band tasks, meeting the car industry's stringent requirements for integration into OEM systems as well as after-market radio receivers.

These first ESDR satellite radio receivers will be available through retail stores and other aftermarket venues in the first half of 2009, followed shortly by OEM versions. Fiat Group Automobiles was the first to sign a distribution agreement with WorldSpace for both aftermarket and OEM receivers for certain of its Fiat, Alfa Romeo and Lancia models starting next year.

"WorldSpace and STMicroelectronics have a long-standing relationship and we are very pleased to continue that relationship through this agreement," said Noah A. Samara, chairman and chief executive officer, WorldSpace Satellite Radio. "This agreement is another milestone on the path to providing a truly unique satellite radio experience throughout Europe, beginning with Italy. STMicroelectronics brings a long history of excellence in satellite radio endeavors to the table and their experience with the automotive qualification process and chip production should help propel our success in Europe, the Middle East and potentially other markets when we are ready to roll out."

"We are pleased to play a key role in the introduction of WorldSpace's digital satellite radio service to European consumers," said Domenico Rossi, Vice President of ST's Automotive Product Group. "This important agreement marks twelve years for ST at the forefront of digital radio technology. We were the first to fit a complete digital satellite decoding circuit onto a single chip and have developed considerable expertise in mastering the entire radio receiver system from the RF to the baseband signal processing. Our contribution to Worldspace's efforts in Europe draws on the success of satellite digital radio in the U.S., where the majority of receivers is powered by ST chips."

"In 2007, STMicroelectronics maintained their position as number one supplier of Infotainment silicon with just over 11% market share worldwide," said Richard Robinson at iSuppli, a market research firm. "The Company supplies a wide range of automotive-grade silicon solutions and is the dominant provider of Audio Amplifier and Satellite radio solutions with 56% market share for audio amplifiers, and 76% market share for Satellite radio."

Data suggests the European market for satellite radio is similar to that of the U.S. market where today, there are approximately 18 million subscribers nationwide. European countries targeted by WorldSpace (Italy, Germany, Switzerland, Spain, UK, France, Turkey and Poland) represent a combined population of approximately 420 million people and 180 million automobiles.

http://investor.worldspace.com/phoenix.zhtml?c=189783&p=irol-newsArticle&ID=1166981&highlight=

Entry into Material Definitive Agreement

As pr'ed a few days ago.

http://investor.worldspace.com/phoenix.zhtml?c=189783&p=IROL-secToc&TOC=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvY29udGVudHMueG1sP2lwYWdlPTU3MzAxMDkmcmVwbz10ZW5r

Nice close above 1.7 now the next hurdle is 1.85 Can do with volume.

WORLDSPACE(R) Inc. Achieves Agreement to Defer Debt Payment

SILVER SPRING, Md., Jun 04, 2008

Worldspace WRSP 1.69, +0.12, +7.6%, one of the world leaders in satellite-based digital radio services, announced that on June 3, 2008, it entered into letter agreements with each of the four holders of the Company's secured notes dated as of June 1, 2007 (the "Bridge Loan Notes") and Amended and Restated Convertible Notes dated as of June 1, 2007 (the "Convertible Notes"). Under the terms of the agreement, the note holders have agreed to defer until June 30, 2008 the Company's obligation to pay $17.7 million in principal amount of the Bridge Loan Notes plus accrued but unpaid interest due on the Bridge Loan Notes and Convertible Notes, and to forbear exercising their rights and remedies with respect to the payment default.
"I am pleased we have been able to reach agreement with our existing note holders to defer the payment, said Noah A. Samara, Chairman and CEO, WORLDSPACE, Inc. "This agreement gives the Company time to bring in the funds already committed to it and to raise new funding. While the agreement accelerates payment of the remaining outstanding amount of the Bridge Loan Notes and the Convertible Notes, such accelerated pay down of the Notes this year will remove capital structure restrictions, which would have otherwise remained until June 2010. Our cash needs are challenging, but we are working very hard to address this in order to take full advantage of the milestones we have achieved in Europe, including licenses from Germany and Switzerland, and successful on-the-ground testing of our service in Italy, where we expect to launch Europe's first satellite radio service as early as 2009."
In addition, the Company and the note holders have agreed to the following modifications to the existing debt arrangements between them:
-- The remaining unpaid principal amount of the Bridge Loan Notes including all accrued and unpaid interest thereon will be paid in full on or before July 31, 2008.
-- The Convertible Notes will be convertible into shares of Class A Common Stock at a conversion price of $2.00 per share (reduced from $4.25 per share). In addition, all of the outstanding Convertible Notes will be repaid in full on September 30, 2008 or such earlier date as elected by the Company, and the Company will also pay a prepayment fee equal to 1.5% of such outstanding principal and interest on such Convertible Notes. The Company's obligations with respect to the Convertible Notes will be secured by a first priority security interest in the assets of the Company. The Company has agreed not to grant a lien on its assets with respect to any indebtedness other than the Bridge Loan Notes and the Convertible Notes while such Bridge Loan Notes and Convertible Notes are outstanding.
-- Each of the note holders will receive a pro rata portion of an aggregate of five (5) million in new Company warrants exercisable for shares of the Class A Common Stock of the Company (the "New Warrants"). The New Warrants will be exercisable at $1.55 per share, and will be exercisable for a five (5) year period from the date of issuance.
The Company has agreed to enter into definitive documentation with respect to the foregoing terms on or before June 15, 2008.

WRSP just sitting on its 50sma... let's keep it up :)
http://www.profitspi.com/stock-chart.aspx?id=WRSP&ca=114481579

Worldspace Receives Approval for Satellite Radio Service in Germany...

From April 9 2008 but well worth a read, imo. Germany is the third European country to grant approval after Italy and Switzerland.

http://investor.worldspace.com/phoenix.zhtml?c=189783&p=irol-newsArticle&ID=1127820&highlight=

"Germany has the largest automobile market in Western Europe, with an average of 3.4 million cars sold ever year over the past 16 years. Annual commercial vehicle sales exceed 200,000 units. In addition, it is the most populous nation in Western Europe with over 82 million people. This affluent, technologically advanced nation has the fifth largest economy world-wide, the largest GDP in Europe and has the largest revenue-generating European radio market as well."

WorldSpace(R) Satellite Radio Reports First Quarter 2008 Results
SILVER SPRING, Md.--(BUSINESS WIRE)--May 15, 2008--WorldSpace(R) Satellite Radio (NASDAQ:WRSP), one of the world leaders in satellite-based digital radio services, today announced results for the first quarter ended March 31, 2008. The Company ended the quarter with 171,470 subscribers worldwide, a loss of 2,696 from the close of the prior quarter, reflecting the planned cessation of marketing efforts in India and other parts of the world ahead of the company's efforts to commence mobile service in Europe in 2009. In India, the Company lost 1,049 net subscribers during the first quarter of 2008, reflecting continued reduction in marketing in that region. WorldSpace ended the period with 162,026 subscribers in India, compared to 163,075 at the end of the fourth quarter of 2007. Highlights of the first quarter include:


An agreement with Delphi to design the WorldSpace mobile receiver for the European aftermarket based upon a WorldSpace-developed reference design. Delphi was also selected as a lead designer for the Company's European OEM receiver and reception system applications that will also be based on WorldSpace's reference designs.


The receipt of approval from Switzerland's Office Federal de la Communication to operate terrestrial repeaters that will work in conjunction with its existing satellite network to provide Swiss consumers with a subscription-based satellite radio service in three languages, starting sometime in 2009.


Following the end of the quarter, WorldSpace Europe, a wholly-owned subsidiary, received approval from Germany's Federal Network Agency, the Bundesnetzagentur, for the operation of a terrestrial repeater network in Germany. The repeaters will work in conjunction with WorldSpace's existing satellite network to provide German consumers with a subscription-based satellite radio service in automobiles, again starting sometime in 2009. Germany, with the largest automobile market in Europe, is the third European country to approve WorldSpace service; additional countries are expected to do the same before the end of the year.

In December, WorldSpace secured a financing facility for up to $40 million of subordinated financing from Yenura Pte. Ltd., a company controlled by Noah Samara, chairman and CEO of WorldSpace. While the facility was intended to support the Company's focused activities as it continued urgently to seek additional financing (including financing to address near term debt obligations), the realization of these business objectives has been limited by the continued slow availability of funds from the facility.

WorldSpace Chairman and CEO Noah Samara stated, "I am pleased with the accelerated progress we are making in Europe and believe these achievements are adding substantial value for our shareholders. But, I am concerned about the Company's cash position and its pending and near term payment obligations, including those to our debt holders. We are working very hard to solve this liquidity issue and will announce something as soon as we have a commitment.

"Our goals for 2008 are unchanged: in addition to resolving our financial situation, we continue to focus on plans to launch an Italian business and secure licenses and approvals in additional countries in Europe and India," Samara added. "Our operational focus is on Europe in general and Italy in particular. We continue to reduce our spending in India, pending the attainment of the license for repeaters and a local equity partner relationship."

Subscriber Growth

Gross subscriber adds of 15,637 in India were down from 18,226 in the fourth quarter of 2007. Net subscriber losses in India were slightly lower than net losses of 1,827 in the fourth quarter of 2007, as the Company continues to work towards stabilizing its subscriber base, while awaiting approval of its terrestrial offering in the country along with finalization of potential partnership agreements.

www.worldspace.com

Getting in here tomorrow :) eom