NEW YORK — Sirius XM Radio has hired advisers to prepare a possible bankruptcy filing, possibly within days, according to a news report.
The New York Times quoted people close to the company late Tuesday as saying documents and analysis of a potential Chapter 11 filing are nearly complete.
Sirius, whose radio personalities include shock jock Howard Stern, has struggled to refinance its debt load as banks are skittish about lending. About $1 billion worth of debt comes due this year.
A bankruptcy could complicate matters for Charlie Ergen, chief executive of Doug las County-based Dish Network Corp., who bought a major portion of a $300 million batch of Sirius debt.
Speculation has arisen about whether Ergen would make a bid to buy Sirius.
