Liberty Media steps in to save Sirius XM, loans them $530 million

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.