Echostar in place to purchase nearly bankrupt Sirius XM
Less than a year ago, after 18 years of regulatory examination, the Sirius and XM satellite radio services completed a merger. Now it appears that the combined company may be taken over by satellite television giant Echostar.
Over the past several months the company’s value has plummeted. Meanwhile Echostar has been busy buying up much of Sirius XM’s $3.25 billion in debt. Now the New York Times is reporting they’re planning to file for Chapter 11 Bankruptcy any time.
Under Chapter 11 they would try to work out deals with creditors to restructure their debt load while they reorganize. Getting Echostar to forgive much of it in return for control of the company would be a big step in that direction.
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