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XM/Sirius- about to go bankrupt(Reuters)
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| bigperf |
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. |
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| 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
:toothless :toothless |
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| Rukes |
| 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
:toothless :toothless |
Yeah, but you have to have a ty phone! ::rimshot::
:toothless |
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| Nerologic |
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.... |
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| 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. |
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| 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. |
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| Trancelover24 |
| 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. |
To listen to the best radio show in the world! THE HOWARD STERN SHOW! |
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| Nerologic |
| quote: | Originally posted by Trancelover24
To listen to the best radio show in the world! THE HOWARD STERN SHOW! |
No way...
BUBBA THE LOVE SPONGE FTW!!!!!!!!!! |
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| skizzell |
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. |
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| CND |
| quote: | Originally posted by Trancelover24
To listen to the best radio show in the world! THE HOWARD STERN SHOW! |
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. |
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| Nerologic |
| 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. |
There is a beta version already out, and it works GREAT! |
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| jonmitz |
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. |
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