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Report: Sirius XM preparing bankruptcy filing
Posted: Tue, Feb 10, 2009, 9:56 PM ET (0256 GMT)
Satellite radio company Sirius XM is making plans to file for bankruptcy protection, perhaps within days, the New York Times reported Tuesday afternoon. The company, created by the merger of Sirius Satellite Radio with XM Satellite Radio in 2008, is carrying a heavy load of debt, including a set of notes that matures next week. EchoStar, the company run by satellite TV pioneer Charlie Ergen, has shown an interest in acquiring Sirius XM, reportedly making an offer for the company last year and more recently attempting to buy Sirius XM's debt. The threat of a Chapter 11 filing could force EchoStar and Ergen to a make a deal or risk having to go through a bankruptcy court option to acquire the company's assets.
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