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.