Sirius XM (SIRI) is ready to seek bankruptcy protection. The company has warned investors that it’s prepared to file Chapter 11. It has hired bankruptcy and restructuring advisers. And it has filled out the necessary paperwork. But it may never file it.
“People familiar with the situation” tell The Wall Street Journal that Sirius CEO Mel Karmazin and satellite mogul Charlie Ergen are moving closer to an accord that would save the struggling satellite radio outfit from having to file Chapter 11. Apparently, Ergen has agreed to allow Karmazin to keep his job if he agrees to a deal, and that’s been concession enough to keep him at the negotiating table, though he continues to pursue an alternative, and perhaps fantastical, deal with Liberty Media (LINTA).
It sounds like a long weekend for you John. The deal isn’t done yet. Perhaps you can listen to the Daytona 500 on SIRI for updates. Try SIRI channel 126, Dale Earnhardt Jr.
I hear he may have something to say about it all.
John Paczkowski has been poking fun at the tech industry and the personalities that drive it since 1997. From 1999 to 2007, he wrote the award-winning tech news Web log Good Morning Silicon Valley for the San Jose Mercury News, Silicon Valley's daily newspaper. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
12:58 AM: Breakfast: Two schools of fish from Tokyo Bay. Calories: 782,000. How I was feeling when I ate this: confused, irradiated, hating my size. 11:37 AM: Exercise: “Taxi Stomp” (alternating legs, for 30 blocks). Calories burned: 148,900,183.
1983. The Beatles announce their first tour in thirteen years, but likewise announce that Michael Jackson will be going on tour with them as a one gigantic mega-concert event.
Comments
It sounds like a long weekend for you John. The deal isn’t done yet. Perhaps you can listen to the Daytona 500 on SIRI for updates. Try SIRI channel 126, Dale Earnhardt Jr.
Posted by Jeff Stevens at February 13th, 2009 at 10:06 amI hear he may have something to say about it all.
The King has arrived. Long live the King. Malone.
Posted by Jeff Stevens at February 13th, 2009 at 4:47 pm