1worldspaceTMÂ announced today that it has reached an agreement in principle with each of the four holders (the "Holders") of the Company's amended and restated secured notes (the "Bridge Loan Notes") and second amended and restated convertible notes (the "Convertible Notes") to defer until Sept. 25, 2008, the Company's obligation to pay $19.97 million in principal amount of the Bridge Loan Notes, plus accrued but unpaid interest due on the Bridge Loan Notes, which was payable on Sept. 15, 2008.
During a period of forbearance, the Company is working on developing a comprehensive operational and financial restructuring plan for addressing both its immediate and longer term financing requirements. The Company intends to present the plan to the Holders on or before Sept. 25, 2008 and to seek their cooperation in facilitating the implementation of the plan or an alternative plan.
