The latest chess move in the game to get control of Sirius XM (SIRI) is that the creditors are threatening to fire CEO Mel Karmazin if he takes the company into Chapter 11.
The Wall Street Journal reports that “A group of Sirius XM Radio Inc. creditors says it is prepared to seek the ouster of Chief Executive Mel Karmazin and other senior executives if the company files for bankruptcy instead of cutting a deal with an investor that would allow it to remain solvent.”
The action will come a little late for creditors who will see most of the value of their debt destroyed in court proceedings.
Creditors do not seem to want to accept the inevitable. Sirius is almost surely dead, certainly as a public company and perhaps as a viable entity of any kind.
The satellite radio company relies heavily on new car sales to build its subscription base and that means its years of growth may be at an end.
Douglas A. McIntyre
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