Sirius XM Satellite Radio Prepares for Bankruptcy

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Reports are surfacing that Sirius XM (SIRI) satellite radio is working with bankruptcy advisers and legal staff.
Sirius is working with restructuring and bankruptcy experts in what may be a potential chapter 11 filing before February 17th. On February 5th EchoStar Communications acquired $300 Million worth of debt that matures on February 17th. This leaves Echostar Communications with a dilemma, take the loss on their recent acquisition of $300 million of Sirius debt, or purchase the company outright.