They aren’t the only ones filing for bankruptcy lately, but it’s interesting that even a “new media” company like Sirius XM satellite radio is contemplating seeking relief from creditors:
Sirius XM Radio Inc. has hired advisers to prepare for a possible bankruptcy filing, which could come in days, according to a news report.
The New York Times said late Tuesday documents and analysis of a potential Chapter 11 filing are nearly complete, say people close to the company.
Sirius, whose radio personalities include shock jock Howard Stern, has struggled to refinance its debt load at a time when banks are skittish about lending. About $1 billion worth of debt comes due in 2009.