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Sirius to convert debt to equity, sell additional shares
Posted: Fri, Oct 18, 2002, 7:57 AM ET (1157 GMT)
Sirius Satellite Radio announced a series of measures Thursday that will convert debt to equity and raise additional money, allowing the company to continue operations into 2004. The company said it reached an agreement with debtholders and preferred stockholders to convert $700 million of debt and $525 million of preferred stock into common stock. The company also said that it plans to sell an additional $200 million of common stock. Those measures, coupled with the $240 million in cash currently on hand, will allow the company to remain operating through at least the second quarter of 2004, one year later than before the recapitalization. The company said it is also exploring "initiatives" that could allow the company to reach the break-even point without requiring additional investment. The company is forecasting 30,000 to 40,000 subscribers by the end of 2002, but needs two million subscribers to break even. Sirius shares closed up 57 percent to $1.32 on the news.
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