Sirius XM Creditors Consider Ejecting Chief

Mel Karmazin

Mel Karmazin

Sirius XM Radio chief executive Mel Karmazin may be removed from his post by creditors if the company files for bankruptcy instead of making a deal to remain operational, the Wall Street Journal reports. Among the satcaster’s options to stay afloat are making deals with either EchoStar or Liberty Media Corp. The New York-based Sirius XM is supposed to repay $175 million in bonds held by EchoStar Corp. by tomorrow’s (2/17) deadline, or bankruptcy could be imminent. Some reports say word on the outcome could come as early as today (2/16).

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Sarah Skates has worked in the music business for more than a decade and is a longtime contributor to MusicRow.

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