Sirius XM May File For Chapter 11

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.

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