MUMBAI: Worldspace Inc, which has filed for Chapter 11 bankruptcy protection in the US, will slow down its aggressive customer acquisition plan in India while tapping alternate revenue streams, a senior executive said.

“The business in India has reached a certain level of financial maturity and we have achieved cash flow break even. But we can move in an aggressive manner towards customer acquisition and new level of services once the restructuring in US happens,” Worldspace India managing director M Sebastian said.

Worldspace is available on Bharti’s DTH service Airtel Digital TV and is looking at providing content to other operators as well. The company has also started datacasting. “We have a stable income in India and are also exploring new revenue streams. Our customer acquisition cost has also come down,” said Sebastian.

Worldspace has 175000 subscribers in India who have to pay Rs 1800 per annum.

Worldspace Inc’s actual debt is $110 million which is under the current refinancing process, Sebastian clarified.

“Worldspace owes $70 million to current debt lenders who have recently given an additional $13 million for the company to continue its operations. The company has another $27 million as long term debt,” said Sebastian.

Worldspace listed liabilities of $2.12 billion but there was a restructuring in 2004, Sebastian explained. “$1.6 million was restructured in December 2004 into a royalty agreement. Under the agreement, the company is required to pay the lender 10 per cent of the EBITDA (Earnings before interest, taxes, depreciation and amortisation) each year till 2015,” he said.

Worldspace will be raising fresh capital either through refinancing or a sales transaction, Sebastian added.