Beleaguered satellite operator Worldspace hit an all-time share-price low Oct 8, of just 52c, and giving the company a Market Capitalisation of $22.3m.
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This bad news was despite what might have been a good day for the
broadcaster, helped by a report that Bharti Airtel, the new India DTH
platform, is to take 10 of Worldspace’s radio channels as part of its
175 channel entertainment platform (see separate story).
Worldspace saw its shares tumble yesterday by 18.46% at one time,
dropping from 74c to 53c (as we went to press). While Oct 8 was a
volatile day on the world’s stock market, Worldspace’s 18% fall was
exceptional.
Worldspace had already informed the market on Sept 30 that it was in
default of assorted financial covenants, in particular its obligations
toward debt and bond-note holders.
