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Sirius Says Bankruptcy Is Not Imminent

August 20, 2002

Satellite radio broadcaster Sirius Satellite Radio Inc. reported Aug. 13 that cautionary language about bankruptcy in a filing with securities regulators "in no way indicates" the company is about to file for bankruptcy protection. In a quarterly financial report filed with the U.S. Securities and Exchange Commission earlier in the day, Sirius said if it was unable to raise additional funding by the second quarter of 2003 it might have to seek bankruptcy protection. "This in no way indicates that a bankruptcy filing for Sirius is imminent," the company said in a statement e-mailed to Reuters. "Sirius currently has approximately $300 million in cash on hand, which is enough to operate the company into the second quarter of 2003, as previously announced," the company said. "The company is continuing its efforts to raise additional financing through dis-cussions with its financial partners and bondholders."
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