Sirius XM Bankruptcy Possible By Feb. 17
Sirius XM Holding Discussions To Raise Money
By Amy Gilroy -- TWICE, 2/13/2009
New York — Sirius XM confirmed it could file for bankruptcy as early as Feb. 17 if discussions to refinance debt are not successful.
Sirius XM issued a statement saying, “The company is in discussions with others with respect to transactions that could refinance some of its and [XM’s] indebtedness. These transactions may not be successfully consummated. If these transactions are not consummated, it may be forced to file for bankruptcy protection.”
The company also announced that XM, its wholly owned subsidiary, has refinanced close to half of its debt due in December, although the company still faces a looming payment of approximately $175 million in debt on Feb. 17.
Sirius owes DISH Network CEO Charlie Ergen the $175 million due on Feb. 17, according to the Wall Street Journal and is in talks with Ergen as well Liberty Media, which has a controlling interest in DirecTV.
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Well it looks like they have been saved, stock is rising almost 50 cents soon!!!! If they do any kind of BK,common stockholders are F'd. Looks like they saved the day for now. Remeber Stern cashed out on about $200 million dollars early on, so he's set for life no matter what happens to his remaing stock, Mel K. has lotsa stock, I'm sure he don't wanna see it tank, his golden tocuh is needed again, like in the old days at Infinity, etc. AM is unlistenable so is FM, how can ya take the commercials, etc? Satellite is the future, as long as they can keep this thing going, remember cable, when no one would pay for tv.....
C.E. - 2009-27-3 22:57:00 EDT -
I have XM in my car and in my house. The reception is superior to any FM station XM has the most advanced HD programmin. But, this not the only reason to subscribe. The most important reason is the variety you get in music from claasical to the Hip Hop and everything in between. I especially enjoy listening to the jazz stations; however, my favorite is the Met Opera channel, followed by 60's station and The Blend,which plays music from the 60's to todays pop hits. Sirius XM is a remarkable service. I pity the person who listens to only one type of music. Long live Sirius XM
Cathy Scott - 2009-14-2 08:21:00 EST -
B.K. means teh shareholders are F'd. like me....better if they give it to EchoStar dude who wants to put in some money. Stern should give back half his $500 mil, they have to unload Oprah, Martha and Ferell, and all the other loads, Bubba is unlistenable, all ZEROS. They ruined the Blues channel when they turned it into B.B. King's Blues, I bet they have to pay him now, it was better when it was just Sirius blues channel. Mel K. usually makes gold, but he might have floundered here, I am gonna loose big bucks if they pull a B.Kpt..
C.E. - 2009-13-2 21:15:00 EST -
Brilliant executive decisions: both Sirius and XM have been losing 10's of
millions per year since inception - so they go out and get Howard Stern
for $500 million, and the only one laughing is him - all the way to the
bank! I just got Sirius for 3 months free with a new car, and they play the
same tired crap I hear on commercial FM. Their "Classic Rock" is the same
250 songs played over and over - the only surprise is what time of day
will you hear Freebird. They should pay ME $12.00 per month to listen.
Jeff G - 2009-13-2 14:18:00 EST -
Brilliant executive decisions: both Sirius and XM have been losing 10's of
millions per year since inception - so they go out and get Howard Stern
for $500 million, and the only one laughing is him - all the way to the
bank! I just got Sirius for 3 months free with a new car, and they play the
same tired crap I hear on commercial FM. Their "Classic Rock" is the same
250 songs played over and over - the only surprise is what time of day
will you hear Freebird. They should pay ME $12.00 per month to listen.
Jeff G - 2009-13-2 14:18:00 EST
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