Sirius XM prepares for possible bankruptcy

[duece212 5,000+ posts]

PHILADELPHIA (AP) -- Sirius XM Radio Inc. has hired advisers to prepare for a possible bankruptcy filing, which could come in days, according to a news report.
The New York Times said late Tuesday documents and analysis of a potential Chapter 11 filing are nearly complete, say people close to the company.

Sirius, whose radio personalities include shock jock Howard Stern, has struggled to refinance its debt load at a time when banks are skittish about lending. About $1 billion worth of debt comes due in 2009.

A bankruptcy could complicate matters for Charlie Ergen, chief executive of Dish Network Corp., who recently bought a major portion of a $300 million batch in Sirius debt that matures next Tuesday, the paper said.

Since then, speculation has arisen about whether Ergen would make a bid to buy Sirius. The possibility of a bankruptcy filing could force his hand to make an offer now in order to avoid the auction process in court. It also could put pressure on him to convert his debt into equity in the company at a higher price than he initially considered, the paper said.

Sirius has hired Alvarez & Marsal; Simpson, Thatcher & Bartlett; and Evercore Partners.

Sirius declined to comment on the report, as did Alvarez & Marsal and Evercore Partners. Simpson, Thatcher & Bartlett didn't immediately return a call for comment.

Shares of Sirius close at 11 cents on Tuesday.

Thats what those ***** get for raising 2nd receiver rates, beginning to charge for internet radio and getting rid of the backspin station...

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[bigaudiofanatic 10+ year member]

DARN IT I LOVE SIRIUS i rely hope they don't go out of business.

 

[David19 10+ year member]

lawl

 

[subzero 5,000+ posts]

I hope I dont lose my XM radio stations. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[Louisiana_CRX 5,000+ posts]

I have 3 lifetime subscriptioms //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[maddskillzz 10+ year member]

dammit!!!!i just got my sirrius for christmas

 

[duece212 5,000+ posts]

They probably won't go out of business, somebody will buy them at the right price (charlie ergen). Things may change though.

I only really listened to two stations on sirius, one of which was backspin. I hope their satellite falls outta the sky, the bastards.

 

[JBerger 10+ year member]

Hard times guys.

Consumer electronics are not the top selling things these days

DEI or Directed as most know them stopped making units for Sirius several months ago.

Thus, sales were done to almost nothing from August 2008 on, which meant that they didn't get the big push they needed in the holiday season, which caused companies like Circuit City to lose a lot of money as well, hence there current going out of business problems.

If I were Circuit City, Best Buy or any sort of electronics dealer, you bet your a$$ I'd invest in some gasoline stock before summer hits so I could make it thru this recession!

 

[subzero 5,000+ posts]

F--K That, TIme will be HARDER IF I CANT LISTEN TO MY Liquid Metal!!!!!!!!!!!!!!!!//content.invisioncic.com/y282845/emoticons/verymad.gif.3f39c5c2fd57527b671fad3efdfac756.gif

 

[Zakerid 10+ year member]

i thought backspin was put back on...

 

[Brian Owens 10+ year member]

If it happens, it is chapter 11. Business as usual for now. . .More than likely turn out to be a good thing. Now that there is one company, they can renegotiate over paid contracts like Howard, NFL, NBA, NASCAR, etc.

Those of us who hold stock are the ones that are going to get screwed!!!!!

 

[mobeious 10+ year member]

ever since sirus took over the **** stations **** now... they changed every station i listen to now they **** ***

 

[duece212 5,000+ posts]

i thought backspin was put back on...

Shit, imma have to check. If they put backspin back on that would make me **** happy

just looked, its back....they are less of a **** now that I know that. They still shouldn't charge for internet radio and up rates on 2nd receivers

 

[duece212 5,000+ posts]

They need a bailout! //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

They run the playboy channel, they should be eligible for some of the pron bailout package

 

[bigaudiofanatic 10+ year member]

Sirius rules xm didnt have any good stations thats why they took over.