Go Back   Eurocardsharing > General Discussions > General Satellite News > Latest Satellite News

Latest Satellite News Discussion, Update Cash crisis for Worldspace at General Satellite News forum; Cash crisis for Worldspace Worldspace is now just two weeks away from its special September 11 meeting, designed to seek ...

LinkBack Thread Tools Display Modes
Update Cash crisis for Worldspace
Bacteria's Avatar
Posts: 96,016

Level: 124 [♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥♥ Bé-Yêu ♥]
Life: 4638 / 4638
Magic: 32005 / 90654
Experience: 68%

Thanks: 1,107
Thanked 5,577 Times in 1,419 Posts
Join Date: Oct 2006
Age: 35
Update Cash crisis for Worldspace - 31-August-2008, 14:20

Cash crisis for Worldspace

Worldspace is now just two weeks away from its special September 11 meeting, designed to seek shareholder approvals for various loans and pledges made over the past months. A contribution from a reader, clearly close to the Worldspace action, shows how dire the situation now is at the broadcaster.

On August 17 we reviewed Worldspaces quarterly and half-year numbers that had just been released. Worldspace itself admitted that certain suppliers and employees were not being paid.

Our reader writes in response to that story: [Im] surprised that you chose not to mention that nearly 500 WorldSpace employees have not been paid since July 1 and July 15! Salaries have not been met on time since April. No communication in advance so staff mortgages, electric and basic bills all went unpaid... while COOs who bail out get their severance packages ...Employees in India, US and Italy are expected to still be in for their work keeping satellites up and radio stations working without any sign of pay...unpaid week after week

The comment talks about COOs who bail out and this refers to Worldspaces two co-COOs who left the company on August 1 (Alex Brown and Greg Armstrong). Mr Armstrong received $50,920 in accrued holiday pay on departure while Mr Browns severance settlement has yet to be announced. Assuming this to be at least similar, the $100,000 or so paid to these two represents a large slice of the miniscule cash assets of just $1.2m in its coffers as at June 30.

Worldspace has a market capitalisation of $55m.
Reply With Quote


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

ECS on RSS ECS on Twitter ECS on Facebook ECS on Youtube
Follow us on:

Powered by vBulletin
Copyright 2002 - 2010, Jelsoft Enterprises Ltd.
SEO by vBSEO ©2011, Crawlability, Inc.