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Sirius XM Radio, Inc., operating from its corporate headquarters in New York City's Rockefeller Center, has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett on preparing a Chapter 11 filing.
"The documents and analysis are close to being completed and a filing could come within days," the media reports said.
The move could put pressure on EchoStar (SATS), a digital media equipment company, to make a bid for Sirius, the media reports added.
EchoStar CEO Charlie Ergen recently acquired a majority of a 300 million dollars tranche of Sirius debt that matures next Tuesday.
The reports added that Sirius, with more than 5 billion dollars in assets, would be second-largest company to file for Chapter 11 bankruptcy protection so far this year.
The largest so far has been the Smurfit-Stone Container Corporation with 7 billion dollars in assets, which filed for bankruptcy in January.
Sirius XM Radio, Inc. is the holding company for two satellite radio services (SDARS) operating in the United States and Canada, Sirius Satellite Radio and XM Satellite Radio, the reports indroduced, adding the two parent companies completed their merger on July 29, 2008