1Worldspace announced today that it has reached an agreement in principle to defer until 25 September, 2008 the payment of $19.97 million in debts which was due on 15 September 2008. During a period of forbearance, the Company says it 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 its creditors on or before 25 September, 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 creditors no later than 30 September 2008. In addition, in connection with the agreement, Mr Noah Samara has agreed that, in the event all amounts due are not paid by 25 September 2008, he will, if requested by the creditors, step down from his positions as CEO and Chairman of the Board of the Company while remaining as a director of the Company.
(Source: 1Worldspace)
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on Aug 9th, 2009 at 12:49
MR,Noah samara is very clever and very experienced gentil man because of this i have
more wish he will be a chair man of Worldspace CEO.With out Noah the company don\’t
success for future,He was a founder,no one can do the best for this company except him.
Please this man not simple ,he has a lot of international projects in his mined to improve
the problems of the poor people around the world.Thanks