Tuesday, February 17, 2009

SiriusXM Saved

Satellite radio customers can breathe a sigh of relief; their radios won’t be going silent for a while.  Bloomberg is reporting that Sirius XM Radio narrowly avoided bankruptcy thanks to a $530 million loan.  The money is coming from Liberty Media Corporation in exchange for stake in the company.   Sirius XM has over $3 billion in debt that has increasingly put pressure on the company to act.  Sirius CEO Mel Karmazin said the company might have had to declare bankruptcy today if not for the last minute loan.

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