Australia's WorldAudio Founder Thompson Quits

Bankrupt AUSTRALIAN radio group WORLDAUDIO founder ANDREW THOMPSON has resigned from the company's board effective JULY 7 as it tries to keep an A$90 million rescue plan alive.

The company, which owns the RADIO 2 network of low-powered stations, went into administration on MARCH 21 and has a plan on the table to raise A$10 million from an as-yet-unidentified company, then A$80 million in an additional private placement, paying 10 cents on the dollar to creditirs, but WORLDAUDIO is now down to one director, two short of the three necessary under the law.

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