| MUMBAI:
The New York-based satellite radio provider Sirius XM Radio has announced that
it may file for bankruptcy by 17 February, if it fails to renegotiate its debt
payment of $175 million, which is due next week. The
only satellite provider of US said that it has exchanged $172.5 million in senior
notes due in December for new notes due in 2011, and also is in "discussions"
with others to try and refinance more of its debt. "These
transactions may not be successfully consummated," Sirius said. If they are
not, it said, the company might be forced to file for Chapter 11 bankruptcy protection. The
company has $350 million of secured bank debt due in May 2009. After the refinancing
announced on Friday, it still has about $227.5 million outstanding on its debt
due in December. The
company is reportedly in talks with DirecTV and Dish Network for a possible investment. Meanwhile,
Sirius, which has an asset base of $5 billion, has appointed law firm Alvarez
& Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thacher & Bartlett
to assist the company for a Chapter 11 filing. | 
