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Latest Satellite News Discussion, Update Sirius-XM upsets Moodys at General Satellite News forum; Sirius-XM upsets Moodys Cash-strapped sat-radio broadcaster Sirius-XM is issuing 108.1m new shares. The companys shareholders have already authorised the creation ...

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Update Sirius-XM upsets Moodys - 04-January-2009, 23:20

Sirius-XM upsets Moodys

Cash-strapped sat-radio broadcaster Sirius-XM is issuing 108.1m new shares. The companys shareholders have already authorised the creation of new stock in an attempt to improve its cash position.

The new shares will be issued in exchange for Sirius-XMs convertible notes originally due for repayment in 2009. Sirius-XM had some $1bn in debt falling due in 2009, the first element due in February. Perhaps more worrying for the market is the additional $2.2bn of debt still outstanding and not helping Sirius-XMs miserable share position, down 96% during the last year.

The new share issuance led to an immediate downgrade from Moodys Investor Services, to a negative outlook. Moodys said in a statement that "the rating actions anticipate that Sirius will be unable to repay or refinance its maturing debt without negotiating some sort of compromise arrangement with at least a portion of the affected constituents."
   
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