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.
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