Sirius XM Radio said its XM Satellite has refinanced some of its outstanding debt, but acknowledged it may file for bankruptcy protection as soon as Tuesday.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp and Liberty Media continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp and Liberty Media continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
