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Updated from 4:14 p.m. EST
Sirius XM Radio (SIRI Quote) avoided bankruptcy Tuesday, but satellite radio is still in a difficult orbit.
An 11th hour, $530 million financing deal from Liberty Media (LINTA Quote) kept Sirius XM from defaulting on a $171.6 million loan due Tuesday, giving John Malone and company a 40% stake in Sirius.
The pact also kept Sirius XM out of the hands of Dish Network (DISH Quote) CEO Charles Ergen, who had purchased Sirius debt in an attempt to pick up the company's assets cheaply if it had failed. ...
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