According to The New York Times Sirius XM Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company’s debt.
Sirius has been working with the restructuring expert Joseph A. Bondi
of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of
Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing,
people close to the company said. The documents and analysis are close
to being completed and a filing could come within days, according to a
person familiar with the matter.
With more than $5 billion in assets, Sirius would be second-largest
company to file for Chapter 11 bankruptcy protection so far this year,
according to the research firm Capital IQ’s database. Smurfit-Stone,
which had more than $7 billion in assets when it filed in late January,
was the biggest so far.
More on this story as the news comes in.
I’m sure there will be more solid news out tomorrow so expect a bunch of updates on the situation.
Looks like Michael Hartleib saw this coming 2 months ago!
Read his account of the Sirius XM Shareholders meeting. The paragraph with bold writing is what you want to read.
http://savesirius.org/index.php?option=com_content&view=article&id=61:shareholder-meeting&catid=1:latest-news&Itemid=56
[...] the Sirius XM News Feed: According to The New York Times Sirius XM Radio has been working with advisers to prepare for a [...]
Who cares if Sirius XM goes bankrupt? Any company who’d pay Bum Stern $100,000,000 to talk filth deserves such a fate.
Stern is the only reason this company stayed afloat. I dont believe they will fold. Chapter 11 only protects them from creditors. When Stern Retires, that what would worry me. Plus if you dont like stern, dont listen
RAMONE!!!!!!!!!!!Give this unintelligable cuntbag an original thought! Rick’s dad should have left his sperm all over his whore mother’s fat back! RAMONE!!!!!!!!! Howard Stern listeners all want to listen to the same thing all the fucking time. RAMONE!!!!!!!!!!!! Anyway, Opie and Anthony 6-12noon 202
Ron and Fez 12noon- 3 202 represent motherfucker!!
umm, stern has nothing to do with this, 1. if you don’t like him do not listen, you have over 400-some channels to choose from, and i say this becasue of the merger, sirius similcasts some of it’s programming on XM under the “best of sirius” package
if you don’t like him, don’t listen, you act like he is the only thing on sirius.