Report: Sirius XM Prepares Bankruptcy Filing

[Ace Purple]

Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company’s debt.

http://www.nytimes.com/2009/02/11/techn ... radio.html

[cgarison]

I have to say this is a sad day in the universe.

[AmpedNow]

What do you guys think will happen, should they file?

It's not going away, but what will it be like this time next year? Will Echostar own a controlling interest in it by then?

[The Interpreter]

Liberty Media Nears Deal to Rescue SiriusXM:

http://www.ft.com/cms/s/0/5ba89940-fc73 ... 07658.html

http://www.orbitcast.com

[The Interpreter]

An interesting, and different, perspective from the advertising community:

http://adage.com/article?article_id=134625

[AmpedNow]

http://www.breitbart.com/article.php?id ... _article=1

Liberty Media deal staves off Sirius bankruptcy

NEW YORK (AP) - Liberty Media Corp. will invest $530 million in Sirius XM Radio Inc., fending off a likely bankruptcy for the satellite radio company and blocking a bid by a rival, Dish Network Corp. CEO Charlie Ergen, to take control of Sirius.
Sirius had warned it could file for bankruptcy as early as Tuesday if it could not successfully negotiate with its debt holders. Sirius XM Radio has 20 million subscribers who use the service to listen to sports, music and talk, including Howard Stern's show.

Ergen holds much of the batch of debt that had come due Tuesday and had offered capital infusions and a restructuring of the loans in return for control of the company. Sirius Chief Executive Mel Karmazin rejected that offer and appears to have found an alternative in time to stave off a Chapter 11 filing.

Sirius shares were up 7 cents, or 69 percent, at 18 cents in morning trading.

So, now what?

[genlock]

Sirius shares were up 7 cents, or 69 percent, at 18 cents in morning trading.