Posted on 02/10/2009 7:47:30 PM PST by Red Badger
NEW YORK (Reuters) - Sirius XM Radio Inc has been working with its advisers to prepare for a possible bankruptcy filing, the New York Times reported on its website on Tuesday, citing people close to the company.
The move could put pressure on satellite television company EchoStar Corp, which reportedly holds a substantial amount of Sirius XM debt. The Wall Street Journal reported Monday that EchoStar chief Charles Ergen made an offer to take control of the satellite radio company late last year, but he was rebuffed.
Sirius officials did not respond to several telephone and email messages, and EchoStar declined comment.
Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thacher & Bartlett to help prepare a Chapter 11 filing, the New York Times reported, adding that a filing could come within days.
A Simpson, Thacher spokeswoman declined comment, and Bondi was not immediately available for comment.
Sirius has also been working with investment bank Evercore Partners, the newspaper said. Evercore could to be reached immediately.
(Excerpt) Read more at reuters.com ...
this is hugh and sirius
well I suppose its back to Pandora for my music. It was a good idea but they wasted way too much money and projected an exponetial growth in subscribers which just didn’t happen.
Morons.
Charlie comes across like a country bumpkin; folksy and totally unpolished.
However, I’ve always found it interesting that he used to be a professional poker player. Charlie is smart, tough business guy, and I wouldn’t want to “play” against him.
I love satellite radio. We bought a new SUV that had satellite radio on board, and I’ve barely listened to a CD since, and I used to always listen to burned CDs.
It’s surprising to me that they aren’t doing better, because it’s a great service and not at all expensive. I hope satellite radio doesn’t go under, because that will be the only hope for talk radio if the left gets their way.
There’s a new picture beside the dictionary entry for Pyrrhic victory - the SiriusXM logo
Great product, poor management foresight. They tied the company too closely to the US domestic auto industry instead going after the mobile market.
I’m stuned.........
“I hope satellite radio doesn’t go under, because that will be the only hope for talk radio if the left gets their way.”
Hmm, if I were wearing a tinfoil hat right now...
Personally I like Sirus Sinatra and 80 music
Yeah Hair Nation is awsome
I hope a solution is out there. Satellite radio is an innovation that has millions of users.
Her's hoping they reorg their way out of this money problem and keep providing their service.
I get XM with my DirecTV. Everyone who has it does........
I can’t see Rush and Hannity and all the others crammed in with Howard Stern..............
I thought they were nuts to pay Stern a hundred million. And it’s pretty stupid to broadcast from the priciest location in the priciest city in the country, when they could have just as easily headquarter in some abandoned strip mall in New Jersey. Nevertheless, I enjoy several of their channels and will be sorry to see them go, if indeed they do.
I couldn’t function without Sirius:
Patriot Radio
Fox Radio
NFL Radio
Liquid Metal
Lithium
Classic Vinyl
A space in an abandoned strip mall in NJ would cost you SERIOUS $$$ these days too. Jersey blows too.
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