Sirius XM Prepares for Bankruptcy
February 10, 2009
It appears we were 48 hours off in our earlier report that Sirius XM was on the Bankruptcy list. The New York Times is reporting that Sirius XM, the satellite radio company, has problems with much bigger price tags. It has hired advisers to prepare for a possible bankruptcy filing.
Game over it appears, the chances are it will be a reorganization rather than a liquidation…
The company is loaded with extreme levels of debt and has been criticized for such spending options as paying Howard Stern massive amounts of cash for little return. It’s the great depression people… these bankruptcies are not going to end for some time.
What do I care? I got paid!
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