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Mattyk 02-11-2009 11:42 AM

Sirius XM facing bankruptcy
 
[url=http://www.bloomberg.com/apps/news?pid=20601087&sid=aYjpmEL.NcGY&refer=home]Bloomberg.com: Worldwide[/url]

mredskins 02-11-2009 12:10 PM

re: Sirius XM facing bankruptcy
 
This is not surprising considering the economy. Luxeries like XM radio are easy to cut when you are trying to trim the fat from your household budget.

saden1 02-11-2009 12:12 PM

re: Sirius XM facing bankruptcy
 
No surprise there, first thing to get cut during tough economic times would be them and that 3.25 billion isn't going to pay for itself. Maybe Howard can help them out?

Daseal 02-11-2009 12:13 PM

re: Sirius XM facing bankruptcy
 
This makes me sad -- I absolutely love my Sirius radio =(

CRedskinsRule 02-11-2009 12:14 PM

re: Sirius XM facing bankruptcy
 
[quote=saden1;526276]No surprise there, first thing to get cut during tough economic times would be them and[B] that 3.2 billion isn't going to pay for itself[/B].[/quote]

Can't we just tack it into the bailout? ;) I love my Sirius!

saden1 02-11-2009 12:23 PM

re: Sirius XM facing bankruptcy
 
[quote=CRedskinsRule;526279]Can't we just tack it into the bailout? ;) I love my Sirius![/quote]

Only if Howard Stern's pay is capped at 400K :p

Mattyk 02-11-2009 12:30 PM

re: Sirius XM facing bankruptcy
 
I don't see them going off the air. They just need to restructure their debt and with an injection of capital they'll be ok. I hope.

CRedskinsRule 02-11-2009 12:37 PM

re: Sirius XM facing bankruptcy
 
[quote=saden1;526282]Only if Howard Stern's pay is capped at 400K :p[/quote]

^^:rofl:

FRPLG 02-11-2009 12:41 PM

re: Sirius XM facing bankruptcy
 
They are being forced. Echo star wanted to buy them back in December and Karmazin rebuffed the unsolicited offer. Since then Echo Star has bought up a lot of their debt and are seeking to force them to bankruptcy so they can take control of the company. They aren't going to go out of business...right now.

JoeRedskin 02-11-2009 12:57 PM

re: Sirius XM facing bankruptcy
 
[quote=Mattyk72;526290]I don't see them going off the air. [B]They just need to restructure their debt and with an injection of capital they'll be ok. I hope.[/B][/quote]

Hmmmm. Sounds like me. Anyone got an injection of capital they can spare?

FRPLG 02-11-2009 01:01 PM

re: Sirius XM facing bankruptcy
 
[quote=JoeRedskin;526308]Hmmmm. Sounds like me. Anyone got an injection of capital they can spare?[/quote]

Obama is on his way baby!

htownskinfan 02-13-2009 09:08 AM

Re: Sirius XM facing bankruptcy
 
havent these companies been in huge debt from the start? doesnt seem like to me they could ever get out of that huge debt,wouldnt it take years and yrs to pay off their current debt with the current subscriber base? I just called to cancel mine and at first they offered me a reduced price,I said throw in the howard package,they said no,I said cancel it then,they said ok you can have it free for another 3 months and see if u change your mind,I said ok

Mattyk 02-13-2009 09:11 AM

Re: Sirius XM facing bankruptcy
 
Like any startup of course they have a lot of debt. The nose dive that the car industry took really hurt them too.

BDBohnzie 02-13-2009 11:29 AM

Re: Sirius XM facing bankruptcy
 
XM's debt is what's dragging them down. After the FCC fines were levied right before the merger, it was only a matter of time before Chapter 11 was filed.

Read this the other day:
[url=http://siriusbuzz.com/sirius-xm-bankruptcy-may-be-good-for-shareholders.php]Sirius XM Bankruptcy May Be Good For Shareholders - SiriusBuzz[/url]
[quote]What if, we asked ourselves, Sirius XM now has the technology to broadcast both services over the Sirius network alone. This patent, issued in April 2008 demonstrates that the company has the technology to broadcast dual services. Although the patent addresses commercial vs. non-commercial, the technology could easily be adapted to broadcast separate services over different bandwidths, a technology similar to HD radio technology. This could explain Sirius XMs recent channel consolidations as well.

All of this means of course, that if in fact Sirius XM can now provide both services over the Sirius network alone, that the XM Satellites and repeater network are now a disposable asset. As most of the companies 2009 debt obligations are backed by these same XM assets, the company would be wise to use these as a means of ridding itself on the huge debt burden placed on it since the merger with XM. By simply putting XM holdings into chapter 11, Sirius will in fact eliminate 2/3 of its outstanding debt. It would accomplish this, and save its investors as well. Sirius XM currently has about $3.2 billion dollars in debt. Out of that debt, Sirius owns about $1.1 billion and XM owns the other $2.1 billion. The only debt that Sirius has due this year is the $174 million payment coming due next week. The rest of the $783 million is all XMs.[/quote]
So in essence, if SiriusXM can broadcast both sets of channels over Sirius' satellites, they can sell off XM's assets and that would help them right the ship so to speak.

CRedskinsRule 02-17-2009 11:26 AM

Re: Sirius XM facing bankruptcy
 
Well they pushed it back some :)
[url=http://news.yahoo.com/s/ap/20090217/ap_on_bi_ge/sirius_liberty]Liberty Media to invest in Sirius XM Radio[/url]


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