Sirius Satellite Radio Staves Off Bankruptcy...For Now

Facing a US$ 175 million debt payment  Feb. 17, embattled US satellite radio operator, Sirius Satellite was bailed out by mogul John Malone of Liberty Media Corp. which has substantial interests in the leading satellite DT provider in the US, DirecTV and in the satellite broadband service, WildBlue. Sirius earlier announced that if it was unable to restructure its debt or come to an arrangement with a third party, it may have to declare bankruptcy. The Malone rescue was just in time and not only did it stave of bankruptcy for Sirius but a rival bid from DirecTV’s competitor, Charlie Ergen of Echostar, who has been buying up Sirius debt.