Nearly two years to the day after announcing a plan to merge, Sirius XM Satellite Radio is plunging headlong into bankruptcy, The Post has learned.
Two sources familiar with the situation said Sirius XM is favoring a Chapter 11 filing over a deal with satellite-TV operator EchoStar, whose CEO, Charlie Ergen, has been buying up Sirius XM debt in a bid to take control of the company.
Sirius XM is working with restructuring firm Alvarez & Marsal and law firm Simpson, Thatcher & Bartlett on the potential bankruptcy filing. Investment bank Evercore Partners is also providing advice.
A spokesman for Sirius XM declined to comment.
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