Sirius XM may be filing for bankruptcy
Wednesday, February 11, 2009 10:00AM - By Emily
It looks like Sirius XM may be filing for bankruptcy. The satellite radio provider has reportedly started talking to bankruptcy lawyers in an attempt to prepare a Chapter 11 filing. Sirius XM currently has close to $5 billion in assets, which would make them the second largest company to file for Chapter 11 so far this year. No one knows what a Chapter 11 filing would really mean for subscribers. While the company may be able to keep offering service to people who has subscribed to the service they may have to terminate contracts with high-priced talent like Howard Stern and Martha Stewart who are soaking up a lot of the companies revenue. [via GearLog]