Sirius XM saved from bankruptcy, for now
Chicago (IL) - Sirius XM has been saved from the clutches of bankruptcy by John Malone's Liberty Media Corp, whose chief executive says the move was primarily financial, and not part of a partnership for Liberty's DirecTV Group.
Malone reportedly has given Sirius a $530 million loan, saving them from Charles Ergen's Echostar satellite company, who had already accumulated $172 million in debt owed by Sirius that was due this week.
The article linked below takes a rather negative stance on the move, saying "It looks like Sirius' day of reckoning has been postponed rather than avoided," as Sirius must refinance more than $900 million in debt later this year.
See CNN Money.