Sirius XM Radio Saved By The Bell
Sirius XM Radio Inc. has been saved from the brink of bankruptcy by Liberty Media who has agreed to inject $530 million to rescue the troubled satellite radio broadcaster from the clutches of Charlie Ergen’s Dish Network. Liberty, the media and entertainment company founded by John Malone, will immediately loan Sirius $280 million, about $171 million of which will to pay off debt Sirius had coming due this week. A second round...
Satellite Radio In Sirius Trouble
Sirius XM Satellite Radio will declare bankruptcy unless a deal can be worked out with Echostar owner Charlie Ergen who has been buying up Sirius debt in an effort to take over the concern. Sirius CEO Mel Karmazin has been circling the wagons with a team of lawyers and restructuring firm Alvarez & Marsal and is preparing to file for Chapter 11 protection before a $175 Million debt payment is due next Tuesday. Filing for Chapter 11...
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