News America Now Real News For Real Americans
World Weird UK TV Tech Teacher Sex Sports Sex Science Reality TV Pornstar Porn Politics NFL Music Movie Model Miley Cyrus Megan Fox Media Lindsay Lohan Legal Kim Kardashian Katie Price John McCain Internet Health Gossip Golden Globe Gay Florida Fashion Economy Drugs Disney Death Crime Celebrity Celebrities California Business Britney Spears Bikini Barack Obama Apple
Sirius XM Gets Last Minute Save From Liberty
Sirius XM picture
“Sirius XM, the embattled satellite radio company, said early Tuesday that it reached an 11th-hour deal with Liberty Media that will allow it to repay maturing debt and avoid a bankruptcy filing, at least for the moment. The last-minute deal parries an aggressive move by EchoStar, which owns the Dish Network and had been buying Sirius’s debt in hopes of taking control of the company if it defaulted.” [Link]
Sirius XM Satellite Radio In Possible Chapter 11 Bankruptcy
“A bankruptcy would make Sirius XM one of the largest casualties of the credit squeeze. With over $5 billion in assets, it would be the second-largest Chapter 11 filing so far this year, according to Capital IQ. The filing by Smurfit-Stone, with assets of $7 billion, has been the year’s biggest to date. Sirius XM, which never turned a profit when both companies were independent, is laden with $3.25 billion in debt. Its business model has been dependent, in part, on the ability to roll over its enormous debts — used to finance sending satellites into space and attract talent like Mr. Stern (who was paid $100 million a year) — at low rates for the foreseeable future until it could turn a profit.” [Link]