NEW YORK Feb 10 Sirius XM Radio Inc (SIRI.O)
has been working with its advisers to prepare for a possible
bankruptcy filing, the New York Times reported on its website
on Tuesday, citing people close to the company.
The move could put pressure on satellite television company
EchoStar Corp (SATS.O), which reportedly holds a substantial
amount of Sirius XM debt. The Wall Street Journal reported
Monday that EchoStar chief Charles Ergen made an offer to take
control of the satellite radio company late last year, but he
Sirius officials did not respond to several telephone and
email messages, and EchoStar declined comment.
Sirius has been working with restructuring expert Joseph A.
Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson
of Simpson, Thacher & Bartlett to help prepare a Chapter 11
filing, the New York Times reported, adding that a filing could
come within days.
A Simpson, Thacher spokeswoman declined comment, and Bondi
was not immediately available for comment.
Sirius has also been working with investment bank Evercore
Partners, the newspaper said. Evercore could to be reached
(Reporting by Anupreeta Das and Yinka Adegoke; editing by