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  1. homer985 is offline
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    Joined: Mar 2008 Posts: 485
    01-14-2009, 11:49 PM #11
    FWIW, they never said that they would get rid of all the 2009 debt by March... it was speculated/rumored by several on this and other boards. But it was never stated that they would definately do it -- if anything, they may have said that they "hoped" to do it by then, but that doesn't mean that plan on it.

    In the current climate, there is no lawyer anywhere that would allow any officer of a company to make such a definitive statement.




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  2. Whynot is offline
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    Joined: Sep 2008 Location: The Mid-Atlantic Posts: 113
    01-15-2009, 12:24 AM #12

    Come on now.....

    Folks- This can only be a good sign, why the heightened concern??? True, BK COULD happen, but each time they cut a chuck of debt off of their burden.....we should be optomistic!!!

    Most, not all, companies that file for BK DO NOT behave like this.

    I like what I'm seeing more than anything else I've seen in the last 9 months

    Buying more as well,
    -Whynot

  3. trippingthespeculatingpos is offline
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    Joined: Dec 2008 Location: San Antonio Posts: 2,884
    01-15-2009, 12:53 AM #13
    sorry im getting a bit of the negative bug with the markets the way theyve been ill get over it :O

  4. justsomeguy is offline
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    Joined: Apr 2008 Posts: 21
    01-15-2009, 01:12 AM #14
    So if there is about 174mil left for Feb 09 and that is around what GS owned of the debt should we expect that to be the last piece of dilution for this debt? Does anyone know if any of the GS converts were paid off yet? If this last 174mil is all owned by GS I would expect it to go all at once. Any thoughts on this would be great.

  5. Newman is offline
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    Joined: Jun 2007 Location: Dallas Texas Posts: 1,162
    01-15-2009, 01:35 AM #15
    The exact information regarding March 1st:
    JPMorgan and Evercore working on overall financing plan
    3 areas of activity:
    Operational improvements
    Existing debt holder discussions
    New investor discussions
    Looking to complete all by March 1

    LINK

  6. sxminvestor is offline
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    Joined: Oct 2008 Posts: 738
    01-15-2009, 01:47 AM #16
    Anybody know what date in Feb the balance is due ?

    If they are looking to get all refinancing done by March 1st, then I would guess the Feb would have been handled first.

  7. just sirius is offline
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    Joined: Dec 2008 Location: San Antonio Posts: 1,209
    01-15-2009, 01:58 AM #17

    Thumbs up Feb debt

    If i remember correctly, i believe it is on the 15th. could be wrong!

  8. john is offline
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    Joined: May 2008 Posts: 2,836
    01-15-2009, 03:15 PM #18
    Mario, from what I read it is not a direct swap from the people that have the debt. Now while the money that SIRIXM is getting from the sale gos directly to the debt holders it is not the convert holders that are buying the shares.

  9. Demian is offline
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    01-15-2009, 03:22 PM #19
    Quote Originally Posted by sxminvestor View Post
    Anybody know what date in Feb the balance is due ?
    It is Feb. 15th...

    The '09 debt.....

    - Sirius’ $300 million (now $174,588,000) 2.5% convertible, maturing on February 15, 2009.

    - XM’s $250 million revolver, maturing on May 5, 2009

    - XM’s $100 million term loan, maturing on May 5, 2009

    - XM's $2 million convertible, maturing September, 2009

    - XM’s $33 million convertible discount notes, maturing on December 31, 2009

    - XM’s $400 million 10% convertible notes, maturing on December 1, 2009
    Last edited by Demian; 01-15-2009 at 03:27 PM.

  10. Siriusowner is offline
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    Joined: Nov 2008 Location: The Oil Patch, Texas Posts: 922
    01-15-2009, 05:12 PM #20
    Quote Originally Posted by Whynot View Post
    Folks- This can only be a good sign, why the heightened concern??? True, BK COULD happen, but each time they cut a chuck of debt off of their burden.....we should be optomistic!!!

    Most, not all, companies that file for BK DO NOT behave like this.

    I like what I'm seeing more than anything else I've seen in the last 9 months

    Buying more as well,
    -Whynot

    Sure, I'll buy more whenever the price reaches the par value at which new shares are issued.

    Just in case: of course it will never reach that value, not even when they are issued...Unless they are issued after chapter 11, in which case they will be different and it will be moronic to buy the old issue.
    Last edited by Siriusowner; 01-15-2009 at 05:15 PM.

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