Satellite radio operator Sirius XM is considering filling for Chapter 11 bankruptcy.
The company, the result of a merger between previously rival operators Sirius and XM in July 2008, has $300 million in debt due next week.
The New York Times reports that Sirius XM has been working with Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing.
The move will put pressure on Charles Ergen, who controls a satellite-television empire including the Dish Network Corporation and EchoStar to bid for the company as he holds a majority of the $300 million debt.
