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Update Worldspace UK goes bust - 17-November-2008, 13:20

Worldspace UK goes bust

Worldspace (UK) Ltd called in the liquidators on Friday Nov 14. The action means an immediate suspension of the Afristar channels that were being transmitted from London by WRN.

The move also means that Worldspace UKs few remaining staff have been let go, according to informed sources. London employees have received no salaries since September.

Telemetry, care and control of Afristar are still being carried out. Insiders suggest that Afristar is still carrying some radio channels beamed up from South Africa.

Worldspace UK is a separate operation to Worldspace Inc., which is currently in Chapter 11 bankruptcy protection. Our sources suggest that Worldspaces London assets (transmission equipment and so forth) had already been formally seized ahead of the liquidation because Worldspace is in default on payments.

A Creditors Meeting will be held later in November.

Meanwhile, Worldspace Inc. will be de-listed from the NASDAQ market. Its shares had been suspended from trading on October 30. The NASDAQ action will come into effect in 10 days.

Details have also emerged as to the fees being paid by Worldspace to its lenders for the loan of up to $13m during its Chapter 11 bankruptcy protection. Worldspace has borrowed up to $13m in Debtor in Possession (DIP) from four lenders: Citadel Energy Holdings LLC, Highbridge International LLC, OZ Master Fund Ltd., and Silver Oak Capital LLC. Worldspace has to pay back 102% of the overall amount borrowed, and pay interest of 12% over the current official Eurodollar rate.

Last week Worldspaces shares were trading in the off-market at between 4c-6c (and in some volume) and giving the company a theoretical market capitalisation of $1.7m.
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