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Sirius could file bankruptcy as early as Tuesday
Financially strapped Sirius XM Radio Inc. could file for bankruptcy as early as Tuesday if it cannot successfully negotiate with the holders of its debt.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The satellite radio company said Friday that it has exchanged more than $172 million of debt maturing in December for new debt due in 2011. But the company still has about $175 million coming due this Sunday.
Sirius is fighting against attempts for control by Charlie Ergen, the chief executive of Dish Network Corp. and sister company EchoStar Corp. Ergen bought much of a $300 million batch of discounted Sirius bonds that come due next week. Sirius had rejected a previous offer by Ergen for control of the company.
Liberty Media Corp. also is in talks with Sirius about possibly investing in the company.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
