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.

Silver Spring, Md. - Worldspace, a provider of satellite radio services in foreign markets, said that it has changed its name to 1worldspace. The company said that the new name, developed in conjunction with PIR Marketing, highlights its ability to "bring together people from all over the world through the power of satellite communications." The company's stock, which has dropped by nearly 75% since its IPO in 2005, was up 33% in mid-day trading on Wednesday to trade at $3.03. The company also has unveiled a new tagline -- "I am many; my world is 1" -- and a redesigned website, aimed at creating global communities of listeners. "Our new bold brand will be the backbone of our business and our corporate culture," said Noah Samara, the chairman and CEO of 1worldspace.