Sirius XM could file for Bankruptcy
February 11th, 2009 Leave a comment Visited 19 times, 1 so far today
Sirius XM could file for Bankruptcy
The New York Times has reported that US based satellite company Sirius XM Radio could soon file for bankruptcy.
The report said that the company has hired advisers to prepare for a possible bankruptcy filing.
It is not clear whether bankruptcy filing would hit the services being delivered to the subscribed customers.
But it is bad news for the already struggling satellite radio industry.
Capital IQ said that if Sirius XM files for bankruptcy, it would be the second-largest Chapter 11 filing so far this year after Smurfit-Stone.
Sirius XM is said to be under massive debts. The company needs to pay about $175 million in debt payments at the end of February.
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