Sirius Satellite May Face Bankruptcy
Sirius Satellite Radio Inc. said it may be forced to file for Bankruptcy Court protection if the company, which offers more than 100 radio channels that can be heard across the U.S., can’t complete a refinancing by June.
The company said in a filing with the Securities and Exchange Commission that its cash fell 28% to $180 million in the fourth quarter.
Sirius proposed a refinancing plan Oct. 17, asking shareholders to agree to have their ownership diluted from 83% to 8%. It asked bondholders to swap their debt for equity in the company.
New York-based Sirius fell 2 cents to 79 cents on Nasdaq.