Liberty Media Corporation Investment
As of February 11, 2009, Sirius XM had $3.25 billion in total debt and had until February 17, 2009 to repay $175 million in bonds held by EchoStar. EchoStar has been buying Sirius XM's debt since an unsuccessful December 2008 takeover bid. Shares of Sirius XM had been trading for less than $1 from September 10, 2008 until February 2010. The company announced in early February 2009 that it may file for bankruptcy "as early as" Tuesday, February 17, 2009. On February 17, 2009, Sirius entered into an investment agreement with Liberty Media Corporation. Sirius received 550 million dollars to pay off maturing debt in exchange for 40% of its convertible preferred stock.
Read more about this topic: Sirius Satellite Radio
Famous quotes containing the words liberty, media, corporation and/or investment:
“When liberty is mentioned, we must always be careful to observe whether it is not really the assertion of private interests which is thereby designated.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“The media have just buried the last yuppie, a pathetic creature who had not heard the news that the great pendulum of public conciousness has just swung from Greed to Compassion and from Tex-Mex to meatballs.”
—Barbara Ehrenreich (b. 1941)
“It is truly enough said that a corporation has no conscience; but a corporation of conscientious men is a corporation with a conscience.”
—Henry David Thoreau (1817–1862)
“There is something fascinating about science. One gets such wholesale returns of conjecture out of such a trifling investment of fact.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)