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Re: [Swprograms] Worldspace files for Chapter 11 bankruptcy
- Subject: Re: [Swprograms] Worldspace files for Chapter 11 bankruptcy
- From: Joe Buch <josephbuch@xxxxxxxxx>
- Date: Sun, 19 Oct 2008 08:46:21 -0700 (PDT)
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I look for satellite radio broadcaster SiriusXM to have to do a similar maneuver this winter. They have a mound of debt coming due this winter which will have to be refinanced in this very scary credit market. XM recently announced layoffs of about 80 people from the music programming side. They are considering a reverse stock split to get the price per share above $1 to avoid NASDQ delisting. Rumor is that on November 5 they will announce a merged program stream between Sirius and XM subscribers.
Source <http://www.orbitcast.com/>
Joe Buch
--- On Sun, 10/19/08, Richard Cuff <rdcuff@xxxxxxxxx> wrote:
> From: Richard Cuff <rdcuff@xxxxxxxxx>
> Subject: [Swprograms] Worldspace files for Chapter 11 bankruptcy
> To: "Shortwave programming discussion" <swprograms@xxxxxxxxxxxxxxxx>, "Kim Andrew Elliott" <ke@xxxxxxx>
> Date: Sunday, October 19, 2008, 1:18 PM
> See
> http://www.bizjournals.com/washington/stories/2008/10/13/daily79.html?jst=b_ln_hl
> or elsewhere.
>
> They're out of cash...but not out of the woods...their
> creditors
> agreed to fund them for 90 days.
>
> They say they have 171,000 subscribers; to me, that seems
> like a pittance.
>
> --
> Richard Cuff / Allentown, PA USA
>
> International broadcasting / shortwave blog:
> http://www.intlradio.blogspot.com
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