A group of Sirius XM Radio (SIRI) - Get Report creditors says it is ready to try to oust CEO Mel Karmazin and other top executives if the troubled satellite radio company files for bankruptcy protection, according to a published media report.

The group wants Sirius XM to strike a deal with an investor that would allow it to avoid bankruptcy court, according to the report, published Sunday on

The Wall Street Journal's

Web site.

"Creditors will act quickly and definitively if they perceive that management is acting in their own interest and not in the best interest of the estate," said Edward Weisfelner, a partner with Brown Rudnick LLP, according to the report. The law firm represents the creditor group. "The board of directors should carefully consider the ramifications," Weisfelner was also quoted as saying.

In response, Sirius said its management "is continually working to ensure the best possible outcome for the enterprise," the report added.

Sirius XM's board was meeting over the weekend to determine the company's fate, and a decision was expected Monday, the report noted.

The company's shares closed Friday at 10 cents. U.S. stocks markets were closed Monday in observance of Presidents Day.

This article was written by a staff member of TheStreet.com.