Sirius XM Satellite Radio Prepares for Bankruptcy

Reports are surfacing that Sirius XM (SIRI) satellite radio is working with bankruptcy advisers and legal staff.
Sirius is working with restructuring and bankruptcy experts in what may be a potential chapter 11 filing before February 17th. On February 5th EchoStar Communications acquired $300 Million worth of debt that matures on February 17th. This leaves Echostar Communications with a dilemma, take the loss on their recent acquisition of $300 million of Sirius debt, or purchase the company outright.