SIRI just hit a new 52 week low of .33
SIRI just hit a new 52 week low of .326
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SIRI just hit a new 52 week low of .33
SIRI just hit a new 52 week low of .326
http://www.pcmag.com/article2/0,2817,2333085,00.asp
BlackBerry Bold Will Ship In November, AT&T Says
10.22.08
"According to AT&T, the Bold will have all the hardware goodness.....support for all AT&T Wi-Fi hotspots, including Starbucks stores; and AT&T's various music programs, including XM Radio Mobile and MobiTV."
http://www.avionews.com/index.php?co...ante=index.php
Airlines
05:29 pm - Wednesday
Gulfstream completes transatlantic flights using FANS system
New York, USA - Operated with a purpose-built business jet
"Certification Foxtrot will also introduce new functionalities, such as XM satellite weather display on moving maps; automatic transitions from FMS navigation to Instrument Landing System (ILS) approaches and back to FMS for missed approaches; and electronic charts that eliminate the need for paper."
SIRI just hit a new 52 week low of .3216................pain!
This is the third day in a row that WorldSpace (WRSP) is up and they just announced Chapter 11 BK........
SIRI just hit a new low of .32 - will this ever end?
Markets continue to tank..........DOW down 466
About a half hour to go......
Dow now down 500....
SIRI just hit a new low of .315 - what a nightmare......ouch!
http://www.marketwatch.com/news/stor...E%7D&dist=hppr
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 (BUSINESS WIRE) -- WorldSpace(R), Inc. (WRSP:0.26, +0.02, +8.9%) 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.
About 1worldspace(TM)
Based in the Washington, DC metropolitan area, 1worldspace(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 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, Absolute Radio (formerly Virgin Radio UK), and RFI.
1worldspace 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 www.1worldspace.com.
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.
WorldSpace, Inc.
Investor Contact:
Sridhar Ganesan
Chief Financial Officer
+1 301-960-2300
sganesan@worldspace.com
or
Media Contact:
Judith Pryor
SVP, Corporate Affairs
+1 301-960-1242
jpryor@worldspace.com
Copyright Business Wire 2008
Dow now down 660......
SIRI at .3191
Those bastards did it again! They knocked it down on the very last tick again! How do they do that day after day?
SIRI closed at .31 after hitting a low of .305........
Do we really need a play by play at these levels???
While I'm losing all my money, I'm trying to at least make it exciting...Quote:
Originally Posted by dnay1969
It gets really lonely here and I get no help in postiing all the latest SIRI news and updates....please don't give me a hard time. I'm having a hard enough time as it is keeping my head up. I'm a little sensitive right now after watching my SIRI investment tank...
yeah real f.ucking exciting:out:
Demian,
Did you see these after hours trades:
16:23 $ .328 for 1,000 shares
16:21 $ .3535 for 1,537,426 sh
16:21 $ .3535 for 864,802 sh
16:20 $ .32 for sh5,000
That's a big uptick on over 2 million shares
Keysmark
Those were probably settlements for trades that actually happened earlier in the day. Don't get too excited.......AH is the wild west. Everyday it has been spiking up in the AH and the PM only to crash during the day. How long can that keep working?
Maybe you are right, but I'm not so sure. I just looked at a minute by minute chart of SIRI trading today in regular hours. The last time SIRI traded that high was at 10:06 am.Quote:
Originally Posted by Demian
I appreciate your diligent reporting. It is interesting to me. Recording this information may be helpful for our lawsuit. :)
I checked the afterhours Q and yep, was .31 when the window closed, and guess what? The company's market cap is now $1,000.01K--about to go sub $1B. Real great news....
Meant $1,000.01M--a gnat bite more than $1B. Damn orders of magnitude....
http://www.businessweek.com/magazine...mpaign_id=yhoo
MEDIA October 22, 2008, 4:29PM EST
Sirius XM Radio Faces Sky-High Debt
The satellite radio company will owe more than $1 billion next year, marking a sharp reversal from just a few years ago
Sirius XM Radio CEO Mel Karmazin
By Olga Kharif
When Sirius Satellite Radio (SIRI) persuaded Howard Stern to leave traditional radio for satellite a few years ago, the shock jock took a few potshots on his way out the door. He railed against the "censorship" on terrestrial radio, and he vowed never to return. He called Sirius "the future of radio."
It looks like a rocky future. Sirius, which completed a merger with XM Satellite Radio in July, is facing a serious cash squeeze. It has more than $1 billion in debt coming due next year, and it doesn't have the money, at least not yet. Chief Executive Officer Mel Karmazin has tried to reassure investors that the company will find the necessary funding, but the questions keep coming. "Am I going to lend the company the money? I hope not," he joked last month. "I hope we don't get to that."
Investors are skeptical. Despite the merger and a combined 18.6 million subscribers, Sirius XM has seen its stock tumble from 3.94 last December to 31˘ as of Oct. 22. Beyond the funding squeeze, the company faces a tough economy in which consumers may cut back on its service, which costs $7 to $17 per month. "There's hardly a day goes by when I don't ask myself [whether Sirius will survive]," says analyst Tuna N. Amobi of Standard & Poor's (MHP), who rates the stock a buy because it's such a cheap way to profit from any upside. Analyst James Ratcliffe of Barclays Capital (BCS) estimates that Sirius needs to raise $750 million to $800 million to cover its debt repayments, programming costs, and capital spending for next year.
Sirius says it can continue to fund operations and avoid filing for bankruptcy. Executives expect to be able to raise money to meet debt payments due in February and they anticipate that existing lenders will be flexible about an additional $350 million due in May. "We are very confident of taking care of the [$270] million in February, and we are confident the banks will extend the maturity in May," says David J. Frear, chief financial officer for Sirius. The company expects its cash needs to ease next year, when Sirius forecasts it will be able to generate $300 million in earnings before interest, taxes, depreciation, and amortization.
The company has options even if it can't borrow. It can issue more stock, although this would dilute existing shares. In December, Sirius plans to ask shareholders to allow it to nearly double its total shares. "I don't think they want to issue more equity," says Barclays' Ratcliffe. "But given the conditions of the credit market, they may have to."
HOWARD AND OPRAH
The company is struggling with a problem of its own making. Sirius signed top talent—including Stern, Martha Stewart, and Oprah Winfrey—to draw in subscribers. But programming costs have triggered heavy losses. Sirius pays $60 million annually to broadcast Major League Baseball games, plus an estimated $80 million yearly to Stern and his team. Goldman Sachs (GS) predicts Sirius will lose $564 million next year as revenues climb 12%, to $2.7 billion.
Even the talent has been suffering in recent months. Stern and his agent received more than 56 million shares of Sirius in 2006 and 2007. It's unclear whether they've held on to them. If they have, the stake's value has dropped to $19 million from $220 million in December. Neither Stern nor his agent returned calls seeking comment.
Kharif is a senior writer for BusinessWeek.com in Portland, Ore.