Sirius XM Prepares to File for Bankruptcy

By John Johnson,  Newser Staff
Posted Feb 10, 2009 7:37 PM CST
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)
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(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.