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Sirius XM Avoids Bankruptcy

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Sirius XM Radio avoided bankruptcy thanks to a $530 million loan from Liberty Media Corp., the Associated Press reported Tuesday.

The financially struggling Sirius XM Radio, New York, said last week that it was considering bankruptcy as a means to renegotiate with its debt holders, AP said.

The agreement will give Liberty Media Corp. a 40% stake in Sirius XM while allowing the satellite radio provider to pay off its debts and stay afloat, AP said.

Liberty Media majority-owner John Malone and CEO Greg Maffei will join Sirius XM’s board of directors, Reuters said.

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