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Sirius XM Bankruptcy Possible By Feb. 17

2/13/2009 11:05:00 AM Eastern

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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