Just last week it appeared like a bankruptcy was the inevitable for satellite provider Sirius XM, but how quickly things can change. Liberty Media Corporation has just stepped in and saved them with a loan for a whopping $530 million. The loan will be given in two parts with the first beginning immediately.

The first part consists of $280 million, of which $171.6 million will go to pay their debts. The second part will be $150 million with another $100 million going towards the outstanding loans from XM Satellite Radio.

New reports are claiming that Sirius XM is “within days” of filing for Chapter 11 bankruptcy. According to a New York Times report, the company is currently “working with advisers to prepare for a possible bankruptcy filing.” So, as of now, they are considering the option, which means they have not begun the process, still this is not good news.

On the flip side, the report also mentions that this could also be a calculated move to convince Charles Ergen (owner of Dish Network and EchoStar) to make a solid offer to purchase. Ergen has already made an offer in the past, it came shortly after Sirius and XM merged.

Just last week, Circuit City announced plans to close a fifth of its stores. This morning, they just filed for Chapter 11 protection in the U.S. Bankruptcy Court. The petition for Chapter 11 protection in U.S. Bankruptcy Court in Richmond, Virginia, listed $3.4 billion in assets and $2.32 billion in liabilities. The company said it more »

Satellite radio took a hit this past week as WorldSpace filed for Chapter 11 bankruptcy. Only two weeks ago, both Chief Operating Officers resigned.

WorldSpace is a subscription-based service that broadcasts news, sports, music and educational programming to over 150,000 people. They charge $5.00 – $10.00 per month for their plans and provide more than 100 channels. WorldSpace offers the only satellite radio service outside the U.S. (except Japan and South Korea). Sirius XM is the licensed provider of satellite radio here. Judith Pryor, Senior Vice President of Worldspace, told me that they do not expect for the U.S. to ever be in their market. With a reorganization and probable sale in its immediate future, it is uncertain who their audience will be.

Keep reading for the rest on Worldspace and how Sirius is in trouble too…

The Tempe, Arizona based Syntax-Brillian Corp has filed for Chapter 11 bankruptcy, after weak sales and numerous other problems. The corporation, formed when Syntax Group and Brillian Corp merged, is the parent of the Olevia brand of LCD TVs, which will no longer be produced. Syntax-Brillian’s assets were worth $175.7 million, but their debts totaled more »