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Sirius XM Prepares to File for Bankruptcy

By John Johnson,  Newser Staff

Posted Feb 10, 2009 7:37 PM CST

(Newser) – Sirius XM is preparing to file for bankruptcy this week, the New York Times reports. The satellite radio company, which has more than $5 billion in assets and a stable of personalities such as Howard Stern, is working with financial advisers to prepare the Chapter 11 filing. The development could force the hand of Charles Ergen, chief executive of Dish Network, who recently acquired Sirius debt. If he's going to make an offer for the company, he may have to do so before the bankruptcy filing.

A sign for XM Satellite Radio hangs over its exhibit space at the New York International Auto Show in New York.
A sign for XM Satellite Radio hangs over its exhibit space at the New York International Auto Show in New York.   (AP Photo/Mark Lennihan, File)
XM Satellite Radio and Sirius Satellite Radio products are advertised side by side on a store's windows, before their merger.
XM Satellite Radio and Sirius Satellite Radio products are advertised side by side on a store's windows, before their merger.   (AP Photo/Damian Dovarganes)
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COMMENTS
Showing 1 of 1 comment
Newser001
Feb 10, 2009 11:24 PM CST
Chapter 11 won't help - They have $1 Billion worth of notes due in months. Where's the money supposedly coming from? Damn sure better not be the government! Neither have made one dime throughout their entire existence. The merger, and what they promised, didn't do what they said it would do - streamline into a single operation... They unquestionably lied to the FCC, Senate. I'm a XM sub, but didn't renew. They gave me 3 months free. I listen to BBC, NPR, CNN, and yes even FOXNews at times, coupled with classical, jazz, bluegrass, soul, and some progressive rock, deep tracks. Invested into a $300 black-box to work in conjunction with my '05 Prius. I enjoyed it, but certainly can live without. There's always AM/FM and my iPod. The worst part - The promise of a la carte. They said we could go al et carte, which never came to fruition. Their stock junk and Ergen's (Dish Network) interest's in Sirius, even though they are now one, makes no sense. They burdened themselves with ridiculous contracts with NASCAR, PGA, NHL, NFL, Stern, Oprah, yada, yada, yada... IT won't work until they return to the basics... No jocks, no front-back sells, no commercials; music and news - no celebes. Its not TV, its radio - act like it.

Sirius reportedly rebuffed Ergen last year
Wall Street Journal

Money • Media

 
satellite radio • bankruptcy • Dish Network • Chapter 11 • Sirius XM • Charles Ergen

 
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