EmptyChapter 11 for WORLDSpace
WorldSpace said Friday that it voluntarily has filed for Chapter 11 protection, a move that will allow the company to continue to operate but has decimated its stock. Shares of WorldSpace fell 69% to 18 cents Friday. Three years ago, shares traded for $20 apiece. Because of the bankruptcy filing, the stock likely will move from the Nasdaq to the over-the-counter exchange, or it will be delisted entirely.
NO SIX FLAGS Dividend
Theme park operator Six Flags said Friday that its board has decided not to pay a dividend on its outstanding Preferred Income Equity Redeemable Securities for the quarter ending Nov. 15. The company also declined to pay the PIERS dividend for the May 15 and Aug. 15 quarters. Six Flags said its decision not to pay the dividend does not violate any debt agreements. Shares of Six Flags dropped 10% on Friday to 40 cents.
A Golden Harvest
Golden Harvest Group saw big results in the past financial year, moving from a loss in 2007 to a HK$7 million ($900,000) profit thanks to growing film exhibition and distribution operations, the group said. Exhibition accounted for 87% of Golden Harvest's total revenue, while distribution of Chinese-language films and Hollywood exports earned a 13% market share in the region. In the past year, Golden Harvest cinemas in Hong Kong, China, Taiwan and Singapore have recorded 19.2 million admissions, amounting to $119.2 million in boxoffice grosses.