Sirius Creditors Ready to Go After CEO

Stuyvesant Town project collapses under debt

(NEWSER) - The record-setting sale of a New York residential property for $5.4 billion in 2006 was a deal made at the height of the boom—and it's now a casualty of the collapsed real estate market. Tishman Speyer, the property company that bought the 56-building, 11,000-unit Peter Cooper Village and Stuyvesant Town apartment complexes in Manhattan four years ago, is handing the debt-laden property over to creditors, the Wall Street Journal reports. More»

(NEWSER) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan. Those numbers pale in comparison to the $8.6 billion Tribune owes lenders with first dibs on assets. More»

Company to get stake in Sirius in return for fending off Echostar

(NEWSER) - Sirius XM may have found its white knight just in time, the Financial Times reports. The deadline for the satellite radio firm to restructure its debt or file for bankruptcy protection is today, and Liberty Media is believed to be readying a last-minute rescue deal that would give it a stake in the company in exchange for $250 million in debt payments. More»

Sirius reportedly planning to file for bankruptcy

(NEWSER) - Despite reports that Sirius XM radio plans to file for bankruptcy, Howard Stern says the format is headed in the right direction and will survive, Reuters reports. “Everybody's wondering about this whole bankruptcy thing with Sirius,” he said on his radio show. “I'm not concerned. I think satellite radio is great and will be a successful business and it will survive.” He called its current troubles “growing pains.” More»

Auto downturn looks likely to kill Sirius and the satellite radio biz

(NEWSER) - The country’s only satellite radio company is close to filing for bankruptcy, and columnist Mike Elgan is having an “I told you so” moment. Before Christmas Elgan predicted in ComputerWorld that Sirius XM wouldn’t survive the recession, given its shaky financial status—and the downturn now looks certain to kill Sirius and "bury satellite radio forever," he writes. The problem, according to Elgin, is that Sirius hitched its wagon to the auto industry. More»