Rapid TV News exists to report the news, but sometimes when nothing happens that can be newsworthy. Such is the case with Worldspace, which by July 9 should have repaid its bridging loan debt-holders more than $20m as part of a restructuring commitment issued on July 1.
As at press time on July 10 no statement was forthcoming from the
company, other than a 13G SEC filing made on July 9 which confirmed
that Nataxis Asset Management Advisors now held 5.66% of Worldspace’s
common stock (2.4m Class A shares).
Four lenders are involved, and Worldspace’s statement on July 1 said
that all four had agreed to the deferment to July 9. However, nothing
is for nothing, and the four in return received pro-rata shares of a
massive 1.5m new Company warrants exercisable for Class A shares in
Worldspace (at $1.55 a share) and good for five years. Moreover the
interest meter will continue to run. It seems that Nataxis was the
first to formally register its new holdings.
