Gina...
I asssume you're the same Gina from SA?? If so glad you made the trek over. Always happy to have more women around the shop..
SIRIUS XM SATELLITE RADIO FORUM
Gina...
I asssume you're the same Gina from SA?? If so glad you made the trek over. Always happy to have more women around the shop..
Relmor.................... unthinkable ! The Cos1000 is an honorable man. Nuff Said. ....... killer.
Baba...Originally Posted by bababoooie
I'll eat it down in steerage...
You do know they are in bankrupt. So what is your point that when the banks finish with them, they will be back in business under different management and shareholders. Now while they just got the agreements with Europe before they went bankrupt. I still dont think the business can survive. The difference between Canada and World Space is that Canada does not have the over head World Space does and will always have. There just was never enough people (that could afford the service) to keep it going. towards the end they were losing subs every quarter (the nets could not keep up with the churn).
Killer...
True that...
btw... after getting to see your masterpiece up closer...dig it man! I think I see a dead body back there by the Capitol Building...could the dog have taken out Kevin Martin when ya weren't lookin??
John,
They are for sale....the purchaser might be interested in exclusive content..no? I'm just doing a little digging. There has to be a reason Liberty got involved with SIRI besides a nice cash return on the investment...and we still are not clear as to what that is.
SILVER SPRING, Md.--(BUSINESS WIRE)--
WorldSpace(R), Inc. (NASDAQ:WRSP) 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.
Say what you want about Paulson. At least he was a Wall Street guy and looked out for it. Look what's happend since he left. Now we have a scary-looking punk looking out for us (not really) and a Prez who thinks he's Abe Lincoln and Robin Hood (maybe even Peter Pan LOL) who hates everything Wall Street stands for. Just what we needed.
asm...
Don't tell me you're considering buying into another SatRad company in the Pinks??
Hey SI62, am the same Gina, couldn't resist but follow you guys!
Welcome...
Are you still holding your position since the BK pricing??
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