Sirius XM Prepares Bankruptcy Filing

Sirius XM Prepares Bankruptcy Filing - NYTimes.com: "Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company’s debt."

I'm sure the service will continue one way or another. The question I have is will they split off the programming side from the transport/distribution side. Much of the heavy debt was brought about by the technology side of the company, not the programming side. (Not to say that they didn't pay a fortune to get some of the programming they carry; they did... but maybe a spun-off programming division can make some more money syndicating that programming other ways- like they're doing with net radio now, and might even do with terrestrial stations.)

I'm also curious how bankruptcy will affect their royalty payments to SoundExchange.