Silver Spring, Md. - 1worldspace, a provider of satellite radio services in foreign markets, said on Friday that it has been granted a 10-day extension to repay debt while it searches for new financing options.

The company now has until Sept. 25 to pay $19.97 million in principal amount of bridge loan notes, plus interest.

In the meantime, 1worldspace said that it is working to develop a restructuring plan that address both its immediate and longer term financing requirements.

Under part of that plan, the company plans to appoint a chief restructuring officer.

Also, if the loans are not paid by Sept. 25, note holders can request that Noah Smara resign his roles as chairman and CEO.

The company has retained The Bank Street Group to help develop the plan.

1worldspace last month reported a net loss of $36.0 million in the second quarter, finishing June with 171,657 subscribers worldwide.

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