Posted by Mookie on February 12, 2009 at 09:31:01:
In Reply to: Sirius XM Stock Plunges To 5 Cents A Share posted by madcityradio.com on February 11, 2009 at 22:25:51:
: Sirius XM Stock Plunges On Bankruptcy Reports
: NEW YORK -- February 11, 2009: Sirius XM Radio stock closed down 52 percent Tuesday, at a nickel a share, on a New York Times report that the debt-laden satcaster could soon file for Chapter 11. Sirius XM has about $175 million in debt payments due at the end of this month that, says the Times today, "it is unlikely to be able to pay."
: If Sirius XM does file for protection, the paper said service is unlikely to be interrupted, but "the company might have to terminate contracts with high-priced talent like [Howard] Stern or Martha Stewart."
: The Times reports that Sirius XM CEO Mel Karmazin has been "locked in talks" with EchoStar CEO Charles Ergen over the options for the satellite radio broadcaster; says the paper, "The men are said not to get along." A earlier Wall Street Journal report said Sirius XM CEO Mel Karmazin turned down an earlier takeover offer from Ergen.
: About the Chapter 11 filing, the Times reiterated Tuesday, "Documents and analysis are close to completion, and a filing could come in days." Though, it says, the threat of bankruptcy could also be a negotiation tactic for Ergen's benefit.
: (Radio Ink)
I have Sirius but I never listen to Stern. I didn't listen to his program when WTLX carried him a few years back either.
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