Sirius XM Prepares for Possible Bankruptcy - ResidentialSystems.com

Sirius XM Prepares for Possible Bankruptcy

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New York, NY (NY Times) -- Last summer, Mel Karmazin was rattling off his trademark one-liners to talk up the future of Sirius XM Radio, the combined company he ran that had just been blessed by regulators.

He was planning to cut costs and expand a business that was already a fixture in the lives of millions of Americans. "Forty-three cents a day -- it's not even vending machine coffee," he said at the time, parrying a question about whether the softening economy might hurt subscriptions.

But now Sirius XM, the satellite radio company, has problems with much bigger price tags. It has hired advisers to prepare for a possible bankruptcy filing, people involved in the process said.

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