Sirius Seeks to Cut Costs

Sirius Satellite Radio is seeking ways to reduce costs and raise additional funding. It reported in an SEC filing that bankruptcy protection is one of several options it may pursue if it cannot raise new funds to get it through 2003, although company officials said after releasing financial information Tuesday that this option is not imminent. The company said it had $326.9 million in cash as of June 30 and said that is enough to fund the company into the second quarter of next year. In the filing, Sirius said it has hired UBS Warburg to recommend financial options as well as formed a committee of independent members of its board of directors for additional financial advice on reducing costs and raising funds.