Sirius XM has been able to stay afloat and have star talent like Howard Stern by rolling over their debt at low rates until they could eventually turn a profit. How could that not be perfect?
Anyway, this is a horrible financial story. Scary news story. But while reading the NYT article, we caught this paragraph:
A bankruptcy would make Sirius XM one of the largest casualties of the credit squeeze. With over $5 billion in assets, it would be the second-largest Chapter 11 filing so far this year, according to Capital IQ. The filing by Smurfit-Stone, with assets of $7 billion, has been the year’s biggest to date.
There is a multi-billion dollar company called Smurfit? Like what a Smurf says when he’s fed up? Teehee. Really? They make boxes. We wish it was pharmaceuticals. And since they just filed for bankruptcy – we bet they do too.