Subject: [NEXTEL-1] FCC Approves Sirius License Transfer

From: <[email-masked]>
Date: Sun, 19 Jan 2003 22:35:13 PST

([email-masked])

FCC Approves Sirius License Transfer

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20030115/media_nm/media_sirius_dc_1

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FCC Approves Sirius License Transfer

Wed Jan 15, 3:52 PM ET

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NEW YORK (Reuters) -

Sirius Satellite Radio Inc. said on
Wednesday that the U.S. Federal Communications Commission (news - web sites) has
approved its application to transfer control of its radio
licenses to its creditors, giving the broadcaster the go-ahead
to restructure its debts.

The satellite radio company, which suffered a severe
funding crush after struggled with costly delays on the launch
of its service, is in the process of a restructuring needed to
extend its funding beyond the middle of this year.

Sirius, which plans to swap almost $700 million in debt and
all of its $525 million preferred stock for common stock, said
it hopes to complete the restructuring this quarter.

The swap would remove the company's debts and provide it
with funding until the middle of next year, Sirius said.

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