SIRIUS SATELLITE (WKN 904591) - 500 Beiträge pro Seite

[fg69]

Guten Tag zusammen,

wo kann ich gute, verwertbare Infos (auf deutsch) über Sirius Satellite bekommen. Vielen Dank im Voraus!

fg69

[fg69]

P.S.: Natürlich würde ich eine rege Dikussion auf dem Board auch begrüssen.

[Martin Krüger]

Gute Nachrichten kriegst Du nur in USA unter yahoo finance, Kürzel siri

http://finance.yahoo.com/q?s=SIRI&d=d

[McGaudes]

Hier mal ein Artikel zu SIRI

http://www.mcgaudes.de/html/sirius_radio.html

Gruß
Mc

[fg69]

@McGaudes

Hi,

vielen DAnk für die sehr aufschlussreiche Information.

Gruss fg69

[fg69]

Sirius swaps debt for equity, issues shares
Thursday October 17, 6:09 pm ET
By Ben Berkowitz


(Adds conference call comments, background)
LOS ANGELES, Oct 17 (Reuters) - Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) on Thursday said it had reached a deal with major creditors and investors to swap debt for equity and issue new shares in a recapitalization that substantially wipes out the ownership interest of existing stock holders.

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Investors, who had already priced in the severe funding crunch for Sirius, reacted by sending shares higher despite the dilution. Shares in Sirius closed up 48 cents, or 57.1 percent, to $1.32 on Nasdaq on volume roughly five times the stock`s 90-day trading average.

The New York-based satellite radio broadcaster, which struggled to launch its service after several costly delays, said it would convert almost all of its $700 million in debt and all of its $525 million of preferred stock into common stock.

Sirius Chief Financial Officer John Scelfo on a conference call said that represented in the deal were creditors who hold about 75 percent of the company`s debt, with a target of 97 percent participation in the restructuring.

Sirius added that it would raise an additional $200 million through a common stock offering. Of that, the company will sell $150 million to Oppenheimer and $25 million each to Apollo Management and The Blackstone Group.

Oppenheimer is already the company`s largest shareholder, with nearly 15 percent of the existing common stock, according to Thomson First Call ShareWatch.

"It seems to me like they`re treating the bondholders pretty fairly," said Phelps Hoyt, an analyst at KDP Investment Advisors in Vermont who has a "buy" rating on Sirius bonds. An affiliate of his firm also owns Sirius bonds.

"It looks like they`re valuing the company, based on the new money coming in, at over $900 million," Hoyt said.

He said that based on his calculations, bondholders were getting about 80 cents on the dollar in the swap. The bonds had traded in the low-20-cent range on Wednesday, he said.

DEBT HOLDERS GET LION`S SHARE

Under the new structure, debt holders will get 62 percent of the common stock, providers of the $200 million investment will get 22 percent of the stock, existing preferred stock will be exchanged for 8 percent of the common stock and existing common shareholders will own 8 percent of the new stock.

The deal is subject to regulatory and shareholder approval, Sirius said, and also includes warrants allowing existing preferred shareholders to buy up to 9.1 percent of the common stock at an average price of just under $1 per share.

The company said that between the $200 million offering and its existing $240 million cash balance, it would have enough cash to fund operations through the second quarter of 2004.

The funding "has got to be validating this industry," Jimmy Schaeffler, president of research firm The Carmel Group, told Reuters. "They now are poised to make other announcements and stop worrying about this."

Scelfo said the deal is expected to close by the end of the first quarter of fiscal 2003. He said the company is also working on transactions to eliminate the $75 million in funding the company will need between the second quarter of 2004 and its predicted cash-flow break-even point in 2005.

The company on the conference call also provided new subscriber guidance, forecasting a total of 30,000 to 40,000 by the end of 2002 and 400,000 by the end of 2003 when cheaper, second-generation satellite radios come to market.

The company also said it needs 2 million subscribers by 2005 to reach cash-flow break-even.

Sirius in August had forecast 75,000 subscribers for 2002.

Shares in Sirius have fallen 89 percent this year, compared with a drop of 83.4 percent for Sirius` one competitor in the industry, XM Satellite Radio Holdings (NasdaqNM:XMSR - News).

As of Thursday, according to the Nasdaq`s Web site, Sirius had 76.8 million shares outstanding.

Sirius last week said it had skipped a $720,000 interest payment due Sept. 30 on an 8.75-percent convertible subordinated note issue maturing in 2009.

The company said it had until Oct. 31 to make the payment and avoid a default, though Standard & Poor`s lowered its credit rating on that issue to a default rating, saying it considered the skipped payment a technical default.

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Reuters
RESEARCH ALERT - Salomon upgrades Sirius Satellite
Friday October 18, 11:59 am ET


NEW YORK, Oct 18 (Reuters) - Salomon Smith Barney analyst Armand Musey on Friday said he raised his rating on Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) to "in-line" from "underperform," citing the company`s restructuring efforts.
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The company said it would recapitalize to eliminate almost all of its $1.2 bilion debt and convertible issues. The plan to swap debt for equity would leave existing shareholders with about an 8 percent stake in Sirius. Investors will invest $200 million in the restructured equity.

"We believe this is a very positive development for Sirius and removes significant concerns about the threat of bankruptcy, and as a result we are raising our rating on Sirius," Musey said in the note.

Shares of Sirius were down 28 percent, or 37 cents, to 95 cents in morning trade, returning some of the gains made on Thursday.

[fg69]

LOS ANGELES (Reuters) - Shares in Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) plunged 30 percent on Friday, as investors digested the impact of a recapitalization plan that will substantially wipe out current stockholders.
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Sirius shares were down 39 cents at 93 cents in late trade on Nasdaq, on volume around nine times the stock`s 90-day trading average. The stock has lost about 92 percent of its value for the year.

Friday`s decline followed a rally Thursday that drove the shares 57 percent higher after the company announced it had reached a deal to swap nearly all of its $700 million in debt and all of its $525 million in preferred stock into common stock.

Sirius also said it would raise $200 million by selling more common stock to a group of its existing investors.

Under the new plan, which is subject to regulatory and shareholder approval, current holders of Sirius common stock will together hold 8 percent of the new common stock.

Debt holders will get 62 percent of the new common stock, the providers of the $200 million investment will get 22 percent of the new stock, and the preferred shareholders will also get 8 percent of the new common stock plus warrants to buy another 9.1 percent of the shares at strike prices under $1.

Overall, the company will go from 76 million shares currently outstanding to 960 million in the new plan. With its new cash infusions, Sirius said it now has the funding to operate through early 2004.

"A recapitalization is under way, but the outcome of two other value-creating levers remains unclear, specifically expense reduction and auto manufacturer support," Sanders Morris Harris analyst Steve Mather said in a research note on Friday.

"At best, expense reduction could enable the firm to reach break-even without dramatic dilution beyond the current recapitalization values; at worst case, creep in expenses and high subscriber acquisition costs propel the firm quickly toward another dilutive financing round in (the fourth quarter of 2003," he said.

But Deutsche Bank Securities analyst Karim Zia said there were positives in the deal.

"We believe that the company`s new capital structure provides significantly increased financial flexibility and will return management`s focus to launching the Sirius service, which to date, has lagged its main competitor in the marketplace," he said.

That competitor is XM Satellite Radio Holdings Inc. (NasdaqNM:XMSR - News), which had a national launch last year and has more than 200,000 subscribers. Sirius had its national launch in July and on Thursday lowered its year-end subscriber target to a range of 30,000-40,000 from a previous view of 75,000.

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Reuters
Sirius Satellite CEO buys 40,000 shares Oct. 21
Thursday October 24, 2:48 pm ET


WASHINGTON, Oct 24 (Reuters) - Sirius Satellite Radio Inc. (NasdaqNM:SIRI - News) Chief Executive Joseph Clayton recently bought 40,000 common shares of the satellite broadcaster as it undergoes a recapitalization, a regulatory filing on Thursday said.
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Clayton purchased the shares on Oct. 21 for 83 cents to 86 cents apiece, giving him direct ownership of 50,000 shares, according to the filing with the Securities and Exchange Commission.

Sirius shares were trading for 75 cents, up 3.11 percent, in afternoon activity on Nasdaq.

The SEC filing didn`t say why he bought the stock and a spokeswoman for Sirius didn`t immediately return a call seeking comment.

The New York-based company recently announced a deal with major creditors and investors to swap nearly all of its $700 million in debt and all of its $525 million in preferred stock into common stock.

Sirius also said it would raise $200 million by selling more common stock to a group of its existing investors.

Under the new plan, which is subject to regulatory and shareholder approval, current holders of Sirius common stock will together hold 8 percent of the new common stock.

Debt holders will get 62 percent of the new common stock, the providers of the $200 million investment will get 22 percent of the new stock, and the preferred shareholders will also get 8 percent of the new common stock plus warrants to buy another 9.1 percent of the shares at strike prices under $1.