Worldspace attempts to secure another forbearance agreement for bridge loan notes, convertibles

By Devika Patel

Knoxville, Tenn., Sept. 30 - Worldspace, Inc. is trying to negotiate another forbearance agreement with each of the four holders of its amended and restated bridge loan notes and second amended and restated convertible notes, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company said it is continuing to seek new financing, but there can be no assurance that it will succeed or that it will do so before the investors try to exercise their rights regarding the notes.

Worldspace, based in Silver Spring, Md., has established an operational satellite-based digital radio system, commonly known as Digital Audio Radio Service, and is a licensed DARS provider.

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