Sirius XM Facing Over $1 Billion in Debt
Fresh off the approval of its merger, Sirius XM Radio is facing another big challenge: an extraordinarily large debt.
The combined satellite radio firm will have $1 billion in debt next year, BusinessWeek reported. This is is among the company's woes, which also includes a tanking stock price and a faltering overall economy that has consumers skimping on extra accessories in their cars and elsewhere.
CEO Mel Karmazin told the magazine that the company will find a way to find necessary funding, and will avoid bankruptcy.