In an SEC filing today, Sirius announced that they have exchanged an additional 100 million shares for a total of 13 million of their 2.5% convertible debt due in February. For those that are mathematically challenged, this is an exchange rate of 13 cents per share. After this exchange, the company has $174,588,000 left in February debt.

This brings me even more confidence that bankruptcy is out of the question, as the large institutions who have done these exchanges surely have done their due diligence and would not make this exchange if the company looked like it was going under any time soon.

[SEC Filing]