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Liberty loan keeps Sirius XM out of bankruptcy
Posted: Wed, Feb 18, 2009, 7:59 AM ET (1259 GMT)
Liberty Media and Sirius XM Radio reached an agreement Tuesday on a $530-million loan designed to keep the satellite radio company out of bankruptcy. Liberty agreed to provide Sirius with an initial $280 million loan that allowed Sirius to pay off a tranche of debt that was due on Tuesday, to be followed by an additional $150 million in loans. Those loans will be converted into a 40% stake of Sirius XM for Liberty, as well seats on Sirius's board. Sirius XM was in danger of filing for Chapter 11 bankruptcy protection had it not secured a deal on Tuesday.
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