I really should have gone as The Economy for Halloween. It would have consisted of a white T-shirt, graph, and dramatic red arrow with a zig-zag negative slope. People would have laughed, then turned away to wipe a tear.
Sirius XM was hovering on the brink of bankruptcy (TMT News), until Liberty Media, parent company of DIRECTV and what us serfs (pictured) call "a media conglomerate," stepped in with the big guns.
How big? They struck a $530 million deal, according to Wired: $280 in loans for the first phase -- $250 of which was doled out Tuesday to help Sirius XM with its immediate monetary obligations.
Put on your eye muffs if you hate business talk: The loan also includes a hefty 15% interest rate, which Sirius XM has to pay off by 2012. And Liberty Media will lap up $100 million of Sirius XM's current loans.
With even more millions to repay on the horizon, the company relished in a bit of good news, too, with its shares doubling on Tuesday. But Phase Two will consist of another $150 million loan, the interest of which I considered calculating but gave up on after I lost... interest.
