Sirius XM saved from bankruptcy, for now

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
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.