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Sirius delays debt payment as it plans recapitalization
Posted: Mon, Oct 14, 2002, 7:33 PM ET (2333 GMT)
Sirius Satellite Radio announced Friday that it has delayed a scheduled interest payment on its debt as it works out an agreement to recapitalize the company. The company has delayed a $720,000 interest payment scheduled for the end of September while it works out an agreement with its investors regarding a "substantial recapitalization" of the company. Sirius is taking advantage of a one-month grace period, which means that the company will not be considered to have defaulted on its debt if it makes its payment by the end of October. Sirius officials stressed the company is not running short of cash in the immediate future: it has $250 million on hand, enough to fund the company into the second quarter of 2003.
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