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Sirius XM At Risk For Ch. 11, EchoStar Takeover

Law360 (February 6, 2009, 12:00 AM EST) -- Less than a year after the controversial $3.5 billion merger that created Sirius XM Radio Inc., the company is reportedly trying to stay out of bankruptcy court and fight off a potential takeover by EchoStar Corp.

The Wall Street Journal reported Friday that leaders at Sirius have been in talks for several weeks with EchoStar, which holds approximately $400 million of the company's debt.

Citing unnamed sources, the newspaper reported that Charles Ergen, the chairman and chief executive of EchoStar, is trying to take control of...
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