http://www.reuters.com/article/marke...0090213?rpc=44
UPDATE 1-Sirius reworks some debt; bankruptcy still possible
Fri Feb 13, 2009 11:26am EST
* Exchanges about $172.5 in notes for notes due later
* In talks to refinance other debt
* Says if talks fail, it may file for bankruptcy
NEW YORK, Feb 13 (Reuters) - Sirius XM Radio (SIRI.O) said its XM Satellite has refinanced some of its outstanding debt, but acknowledged it may file for bankruptcy protection as soon as Tuesday.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp (SATS.O) and Liberty Media (LINTA.O) continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
If the talks fail, Sirius -- home to programs by personalities including Howard Stern and Oprah Winfrey as well as Major League Baseball -- may file for bankruptcy.
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
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-Sirius reworks some debt; bankruptcy still possible
11:26 a.m. 02/13/2009 Provided by
* Exchanges about $172.5 in notes for notes due later
* In talks to refinance other debt
* Says if talks fail, it may file for bankruptcy
NEW YORK, Feb 13 (Reuters) - Sirius XM Radio (SIRI) said its XM Satellite has refinanced some of its outstanding debt, but acknowledged it may file for bankruptcy protection as soon as Tuesday.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp (SATS) and Liberty Media <LINTA.O> continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
If the talks fail, Sirius -- home to programs by personalities including Howard Stern and Oprah Winfrey as well as Major League Baseball -- may file for bankruptcy.
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
"The company said in a statement." Is that true or just speculation? Also does that comment concern anyone???
Lots of these articles have stated that BK may be attractive to SIRI??? What do you guys think? I know Mel has 20 mil of his own at stake here, but if he BK's the company and has some breathing room and turns this thing around I think he could easily recoup that 20 mil, am I wrong? Does BK look attractive to SIRI?
We are also pulling back on the SP, does that concern anyone? Ahahah sorry for all the questions I just WANT TO KNOW!!!
Last edited by Hopeful; 02-13-2009 at 01:06 PM.
most likely just some profi taking from those who bought in round .6
ya, and it looks like it is going to go on for at least a little while. The ADX and MACD are bearish right now. The RSI has dropped from 80 to 30. But that is subject to change.
Last edited by billhart22; 02-13-2009 at 01:22 PM.
Cramer's minions at it again... just recycling fear threat of bk probably so cramer can get some shares... what do you think bill? tripp? demian?
http://www.thestreet.com/_yahoo/stor...FREE&cm_ite=NA
Hi Sirius Hope - I am also bewildered as to why in Gods green earth would a co make a payment to a supplier if bk was eminent. I think that a payment of that magintude would would be closely scrutinized by bk trustees if the co did go .... being this close to a "possible" bk?? I really think that there is a BUNCH of stuff that we do not know here - in the situation that Sirius is now in --- Cash is King!!