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Sirius XM - possible bankruptcy filing coming?

Discussion in 'BBS Hangout' started by Dr of Dunk, Feb 10, 2009.

  1. Dr of Dunk

    Dr of Dunk Clutch Crew

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    This would suck if they eventually went under. I don't think I could go back to crappy FM/AM radio. I heard their free online listening feature was going to be pay soon, too.

    http://www.cnbc.com/id/29126444

    ------------------------------------------------

    Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on satellite company EchoStar, which owns a substantial amount of the company’s debt.

    Sirius has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing, peole close to the company said.

    The documents and analysis are close to being completed and a filing could come within days, according to a source familiar with the matter.

    Sirius has also been working with investment bank Evercore Partners.

    Charles Ergen, who controls a satellite-television empire including the Dish Network Corporation and EchoStar, recently acquired the majority of a $300 million tranche of Sirius debt that matures next Tuesday.

    Since the news about the debt purchase has emerged, questions have surfaced over whether Mr. Ergen will make a bid to purchase Sirius. The threat of a possible bankruptcy filing could force Mr. Ergen to make a formal offer for the company now if he doesn’t want to go through an auction in bankruptcy court.

    It could also compel Mr. Ergen to agree to convert his debt into an ownership stake in Sirius at a higher price than he originally considered.
     
  2. A_3PO

    A_3PO Member

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    I hope the FCC feels good about themselves for needlessly delaying the Sirius/XM merger to the point of almost killing both companies. One of the stupidest things they've ever done. It turns out a combination that scared them probably won't even survive. The "I don't see how this merger benefits consumers" idiots must think consumers will benefit by both of them going out of business and satellite radio being eliminated as a choice.

    BTW, I dropped XM about 18 months ago.
     
  3. fmp087

    fmp087 Member

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    this would suck...its all i listen to
     
  4. the futants

    the futants Contributing Member

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    I have been less than impressed since the merger. XM was tolerable (and certain stations like Fred on 44 were outstanding), but when Sirius basically took over it's been all downhill. Why do they feel the need to have DJs? Ummm...you telling me what's playing? I see that on the screen...thanks.
     
  5. DaDakota

    DaDakota If you want to know, just ask!

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    Fred was great but I love the new 44......First Wave.

    Does this mean anything for XM subscribers?

    DD
     
  6. JJ

    JJ Member

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    Shade 45 has good shows and DJs, IMO...
     
  7. Refman

    Refman Contributing Member

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    I have LOVED my Sirius since 2006. Blue Collar Comedy makes the drive bearable. I also enjoy:

    First Wave 22
    Lithium 24
    90s on 9
    Radio Classics 118 (I know...radio shows from when my Dad was a kid)
     
  8. VesceySux

    VesceySux Contributing Member

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    +1

    With the exception of adding Jam_ON, I've been disappointed with Sirius' changes. My XM service was better before the merger.
     
  9. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
    Supporting Member

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    The Jason Ellis show on Faction is great.
     
  10. KaiSeR SoZe

    KaiSeR SoZe Contributing Member

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    I guess it depends on your taste...

    XM's hip hop stations were kinda wack
     
  11. Wakko67

    Wakko67 Contributing Member

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    That dude annoys me.

    Sirius is awesome. Some of my buddies didn't like the merger as far as losing a couple of stations, but it would suck if both went down the drain.

    I'm with fmp087, regular stations stink.
     
  12. MadMax

    MadMax Contributing Member

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    I don't think they're going anywhere...just getting out from under some obligations. The article says they're filing a Ch. 11.
     
  13. Angle02

    Angle02 Member

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    Ahh yes another fan of the Jason Ellis show. RED DRAGONS!
     
  14. No Worries

    No Worries Contributing Member

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    Who's next?
    15 Companies That Might Not Survive 2009
    1. Rite Aid
    2. Claire’s Stores
    3. Chrysler
    4. Dollar Thrifty Automotive Group
    5. Realogy Corp
    6. Station Casinos
    7. Loehmann’s Capital Corp
    8. Sbarro
    9. Six Flags
    10. Blockbuster
    11. Krispy Kreme
    12. Landry’s Restaurants
    13. Sirius Satellite Radio
    14. Trump Entertainment Resorts Holdings
    15. BearingPoint
     
  15. Uprising

    Uprising Contributing Member

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    [​IMG]
     
  16. surrender

    surrender Member

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    I'm not a fan, but his interview with Sasha Grey was great

    Sirius definitely went downhill after the station merger, but it's still much better than Houston radio.
     
  17. leroy

    leroy Contributing Member

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    my exact thoughts
     
  18. Nuggets4

    Nuggets4 Contributing Member

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    Agreed 100%.

    I think they're going bankrupt because they continue to let Madison be an on-air DJ on Alt Nation. They drop her and not only will the company start making money but we'll have world peace.

    Can't stand that woman.
     
  19. Wakko67

    Wakko67 Contributing Member

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    Not just Houston......all radio. Crap music, lame DJs who go on and on and non stop commercials.
     
  20. Rockets34Legend

    Rockets34Legend Contributing Member

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    Sirius NFL Radio.
     

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