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 Sirius XM Radio Inc. won't come crashing to Earth just yet. The satellite broadcaster was saved in the nick of time by $530 million in loans from John Malone's Liberty Media Corp. The investment, which gives Malone an equity stake, allows the debt-burdened company to narrowly avoid a bankruptcy filing and pay convertible bonds due Tuesday.
The first $280 million tranche comes now, followed by the purchase
nearly $100 million in outstanding loans and another $150 million loan.
The deal gives Liberty 12.5
million shares of preferred stock convertible into 40% of the common
stock of Sirius, as well as board seats for John Malone and Greg Maffei. It appears the markets like what they see as the company's stock
doubled to 21 cents in premarket trading. - George White
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