As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report late Wednesday (Feb. 10) in the New York Times.
According to the report, Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a bankruptcy filing.
The documents could be filed in Delaware within days. Shares of SIRI closed up a fraction of a penny at 11.39
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