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-- XM/Sirius- about to go bankrupt(Reuters)
XM/Sirius- about to go bankrupt(Reuters)
hope no one bought the lifetime subscription this year.
Sirius preparing possible bankruptcy filing: report
NEW YORK (Reuters) � Sirius XM Radio Inc has been working with its advisers to prepare for a possible bankruptcy filing, the New York Times reported on its website on Tuesday, citing people close to the company.
The move could put pressure on satellite television company EchoStar Corp, which reportedly holds a substantial amount of Sirius XM debt. The Wall Street Journal reported on Monday that EchoStar chief Charles Ergen made an offer to take control of the satellite radio company late last year, but he was rebuffed.
Sirius officials did not respond to several telephone and email messages, and EchoStar declined comment.
Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thacher & Bartlett to help prepare a Chapter 11 filing, the New York Times reported, adding a filing could come within days.
A Simpson, Thacher spokeswoman declined comment, and Bondi was not immediately available for comment.
Sirius has also been working with investment bank Evercore Partners, the newspaper said. Evercore could to be reached immediately.
Last week, The Wall Street Journal reported EchoStar holds about $400 million of Sirius XM debt and the satellite radio company led by Mel Karmazin is scrambling to raise $175 million by a February 17 payment date to fend off a possible takeover threat and avoid default.
Sirius XM has nearly $1 billion in debt due this year, prompting analysts to doubt its future given the sluggish credit market and a steep drop in car sales, the biggest source of new satellite radio subscribers.
Sirius XM shares saw a 23.8 percent increase in short interest from mid- to late-January -- the biggest increase on the Nasdaq, indicating that more short sellers were trading the stock.
Short sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender, and pocket the difference.
Sirius shares closed Tuesday's session 3.5 percent higher at 11 cents on the Nasdaq.
NEW YORK (Reuters) � Sirius XM Radio Inc has been working with its advisers to prepare for a possible bankruptcy filing, the New York Times reported on its website on Tuesday, citing people close to the company.
The move could put pressure on satellite television company EchoStar Corp, which reportedly holds a substantial amount of Sirius XM debt. The Wall Street Journal reported on Monday that EchoStar chief Charles Ergen made an offer to take control of the satellite radio company late last year, but he was rebuffed.
Sirius officials did not respond to several telephone and email messages, and EchoStar declined comment.
Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thacher & Bartlett to help prepare a Chapter 11 filing, the New York Times reported, adding a filing could come within days.
A Simpson, Thacher spokeswoman declined comment, and Bondi was not immediately available for comment.
Sirius has also been working with investment bank Evercore Partners, the newspaper said. Evercore could to be reached immediately.
Last week, The Wall Street Journal reported EchoStar holds about $400 million of Sirius XM debt and the satellite radio company led by Mel Karmazin is scrambling to raise $175 million by a February 17 payment date to fend off a possible takeover threat and avoid default.
Sirius XM has nearly $1 billion in debt due this year, prompting analysts to doubt its future given the sluggish credit market and a steep drop in car sales, the biggest source of new satellite radio subscribers.
Sirius XM shares saw a 23.8 percent increase in short interest from mid- to late-January -- the biggest increase on the Nasdaq, indicating that more short sellers were trading the stock.
Short sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender, and pocket the difference.
Sirius shares closed Tuesday's session 3.5 percent higher at 11 cents on the Nasdaq.
With Streaming Capabilities on my G1, I don't need XM or Sirus. Seriously, I can stream ANY online radio station/show/website that streams FREE online. I listen to DI all the time while I'm driving. Hehehe
| quote: |
| Originally posted by DjWoody With Streaming Capabilities on my G1, I don't need XM or Sirus. Seriously, I can stream ANY online radio station/show/website that streams FREE online. I listen to DI all the time while I'm driving. Hehehe |
They are going bankrupt because they dont want to be bought out.
They will still be alive and kicking, they are not shutting down anytime soon...
Also, iPhone can stream any station too....
Yeah, a lot of phones can stream. But the point of my post was that why would I wanna pay a monthly fee for something I can get for free and have tons more options?
Too bad a lot of people aren't aware that their phones can become instant radios that you can tune to many stations around the world.
these stations most likely don't stream freely online.
and why will i use my phone to listen to music? i'd rather listen to digital music in my car equipped with 11-speaker Infiniti Studio by Bose.
| quote: |
| Originally posted by DjWoody Yeah, a lot of phones can stream. But the point of my post was that why would I wanna pay a monthly fee for something I can get for free and have tons more options? Too bad a lot of people aren't aware that their phones can become instant radios that you can tune to many stations around the world. |
| quote: |
| Originally posted by Trancelover24 To listen to the best radio show in the world! THE HOWARD STERN SHOW! |
Streaming in the car is so meh. Also have to worry about connecting the phone via aux/speaker cable. Lame.
And as mentioned before, paid content is worth it to some of us. I listen to CNBC and CNN religiously during my commute. Well worth the few bucks a month I pay for it on sat.
| quote: |
| Originally posted by Trancelover24 To listen to the best radio show in the world! THE HOWARD STERN SHOW! |
| quote: |
| Originally posted by CND Amen. I will follow Howards show to wherever. It is the only reason I have Sirius. Plus I heard that they are going to have a Sirius App for the Iphone soon. That will be nice. |
i had sirius for a year, and after a few months i released they were years behind current releases and they were playing tracks that were playing 6-12 months earlier.
so i never resubbed. it was nice for a year, first time I heard infected mushroom, stonebridge, and quite a few others. I liked the other channels too, but area 33 was the main channel i listened to.
damn i love my sirius...howard stern and the live fri and sat night DJ broadcasts are great.
| quote: |
| Originally posted by Nerologic There is a beta version already out, and it works GREAT! |
| quote: |
| Originally posted by gerard6975 these stations most likely don't stream freely online. and why will i use my phone to listen to music? i'd rather listen to digital music in my car equipped with 11-speaker Infiniti Studio by Bose. |
I've had XM since the first year it was out. The programming at first was pretty good but its been going downhill since. The programming that actually made it interesting is all gone. The EDM stations suck for the most part save a good show here and there which were never on when I was driving. Retired XM to work for background music a few years ago. Starting in March you will have to pay for the internet streaming and they are going to raise rates. I will be canceling.
Think they need like $300 billion by March and then another $500 billion shortly after that. Good luck. Obama better not bail them out.
| quote: |
| Originally posted by 72hrpartyanimal did that come stock or did you have it custom insalled? |
| quote: |
| Originally posted by GPC Think they need like $300 Million by March and then another $500 Million shortly after that. Good luck. Obama better not bail them out. |
| quote: |
| Originally posted by Brian Scott Fixed |
I somehow got sirius free with my car I bough second hand (even though the dealer didn't know).
Normal radio sucks hard, so having the option of Area 38 (formally 33 - EDM) and BPM (36 - cheesy house) are at least two OK stations. On 38 you get the Carl Cox sessions, ASOT, VONYC sessions (PVD), Nocturnal (matt darey), The Essential Mix, etc. every week so there's something to be found worth listenting to every day.
36 plays some good chillout stuff too.
Also get BBC world service fro some decent world news too.
| quote: |
| Originally posted by 72hrpartyanimal did that come stock or did you have it custom insalled? |
it doesn't add value to it and i'm just leasing.
| quote: |
| Originally posted by GPC Starting in March you will have to pay for the internet streaming and they are going to raise rates. I will be canceling. |
GOOD NEWS!!!!!!!!!!!
Liberty Media invests $530M in Sirius XM RadioSouth Florida Business Journal - by Greg Avery
Engelwood, Colo.-based Liberty, the media and entertainment company founded by John Malone, will immediately loan Sirius XM $280 million, about $171 million of which will to pay off debt Sirius had coming due this week.
A second round of $250 million from Liberty (NASDAQ: LCAPA) will also be available to Sirius XM to help it pay its debts and ward off a potential takeover of Sirius by Charlie Ergen�s Dish Network Corp., the Englewood, Colo.-based satellite TV company.
In return for the investment in Sirius XM, Liberty will own 12.5 million shares of preferred stock in Sirius XM (NASDAQ: SIRI), which Liberty can convert into common stock.
That would give Liberty a 40 percent ownership stake in the radio company.
Malone and Liberty Media President and CEO Greg Maffei are expected to join the Sirius XM board of directors.
"We are excited to be investing in Sirius XM. We have been impressed with the company, its operations and management team," Maffei said a statement. "Sirius XM's ability to grow subscribers and revenue in a difficult financial and auto market is indicative of how listeners view this as a 'must have' service."
Sirius XM CEO Mel Karmazin called the deal with Liberty remarkable, given today�s capital markets, and validation of what the company envisioned when it merged the nation�s two satellite radio companies last year.
�This agreement enables Sirius XM to continue to develop the opportunities first outlined in the merger of Sirius and XM,� he said. �By strengthening our capital structure and enhancing our financial flexibility, this investment allows us to continue providing the great content and innovative programming our subscribers know and love.�
Re: GOOD NEWS!!!!!!!!!!!
| quote: |
| Originally posted by Trancelover24 Liberty Media invests $530M in Sirius XM RadioSouth Florida Business Journal - by Greg Avery Engelwood, Colo.-based Liberty, the media and entertainment company founded by John Malone, will immediately loan Sirius XM $280 million, about $171 million of which will to pay off debt Sirius had coming due this week. A second round of $250 million from Liberty (NASDAQ: LCAPA) will also be available to Sirius XM to help it pay its debts and ward off a potential takeover of Sirius by Charlie Ergen�s Dish Network Corp., the Englewood, Colo.-based satellite TV company. In return for the investment in Sirius XM, Liberty will own 12.5 million shares of preferred stock in Sirius XM (NASDAQ: SIRI), which Liberty can convert into common stock. That would give Liberty a 40 percent ownership stake in the radio company. Malone and Liberty Media President and CEO Greg Maffei are expected to join the Sirius XM board of directors. "We are excited to be investing in Sirius XM. We have been impressed with the company, its operations and management team," Maffei said a statement. "Sirius XM's ability to grow subscribers and revenue in a difficult financial and auto market is indicative of how listeners view this as a 'must have' service." Sirius XM CEO Mel Karmazin called the deal with Liberty remarkable, given today�s capital markets, and validation of what the company envisioned when it merged the nation�s two satellite radio companies last year. �This agreement enables Sirius XM to continue to develop the opportunities first outlined in the merger of Sirius and XM,� he said. �By strengthening our capital structure and enhancing our financial flexibility, this investment allows us to continue providing the great content and innovative programming our subscribers know and love.� |
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