John Malone Offers Bridge Loan to Sirius XM Radio
According to the New York Post, John Malone's Liberty Media is offering Sirius XM a bridge loan of several million dollars to help Sirius XM repay the debt that matures on Tuesday. According to sources the loan is part of a two step process that Liberty wants to take to bail out Sirius.As part of the plan Liberty would provide Sirius XM Radio enough cash to repay the $175 million that Ergen currently holds. That then would give Liberty three months to come up with a plan to restructure the 600 million remaining debt due in May and December. Either Liberty could buy Sirius XM debt on the open market similar to Ergen or Liberty may make a pitch directly to Sirius XM shareholders.
Source - New York Post
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Comment by Marty on February 13, 2009 at 8:21pm - So, this may be a moe fiendly deal to Mel and his team. Malone will keep Mel on board as CEO. I think this is good. Subscribers just went through so many name changes and firings. I hope this deal would save consumers form this again.
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Comment by Kevin Brown on February 13, 2009 at 8:30pm -
Yes, its sounds like it. Liberty may not be actually taking a equity stake in Sirius XM. It sounds like it will buy Liberty some time to raise the funds for May debt and if they want decide to purchase the company. This is better news than the Ergen prospect.
From Liberty's perspective it would makes sense to prevent EchoStar from buying Sirius XM because that is their main competitor.
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I was disappointed to find the Kabbalah talk radio missing on Sirius radio.
However I discovered a free one which seems to be on 24/7 here is the link
http://kab.fm/eng ~ENJOY~
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