Sirius XM Rescued From Bankruptcy By Liberty Loans

Law360, New York (February 17, 2009, 12:00 AM EST) -- In a deal that will allow Sirius XM Radio Inc. to avoid a trip to bankruptcy court, Liberty Media Corp. has agreed to invest up to $530 million in the satellite radio company.

In return Liberty will receive a 40 percent equity interest in Sirius XM and two seats on the company’s board of directors.

Sirius XM Radio Inc. warned Friday that it would likely have to file for bankruptcy as early as Feb. 16 if it was unable to strike a deal to refinance some...
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