Sirius XM

(SIRI) - Get Report

said it has completed the second and final phase of an investment by

Liberty Media


In February, Liberty helped save Sirius XM from a potential bankruptcy filing with a $530 million loan infusion giving billionaire John Malone's company a 40% stake in the satellite radio provider. Liberty's rescue of Sirius XM came in two phases, with the first half used to pay off a chunk of Sirius XM's maturing debt.

The second stage of the Liberty investment called for another $150 million loan to

XM Satellite Radio

to be used to repay a portion of debt due in May, with an agreement to buy $100 million in XM loans outstanding. Under the terms of their agreement, Sirius XM has issued Liberty 12.5 million shares of new preferred stock convertible into 40% of common stock.

In addition, Sirius XM said it has reached an agreement with lenders to extend the outstanding loans due in May. XM Satellite Radio amended and extended its existing $350 million credit facilities, the company said.

"These transactions resolve all of the uncertainty surrounding the company's and its subsidiaries' debt maturing in 2009," Sirius XM CEO Mel Karmazin said in a statement.

Shares of Sirius XM added 1 cent, or 11.5%, to close at 14.5 cents a share.

Next up for the New York-based satellite radio company is the filing of its

10-K annual report

with the

Securities and Exchange Commission

, expected on or before March 17. On that day, Sirius XM said it will also hold a conference call to discuss its financial and operating results.


(SATS) - Get Report

, which sells set-top boxes and was the former parent of

Dish Network

(DISH) - Get Report

, had also reportedly been trying to gain control of Sirius XM, going as far as to accumulate a large amount of Sirius XM's debt.

EchoStar is controlled by Charles Ergen, who had offered to restructure Sirius XM's debt and inject several hundred million dollars into the company in return for control, according to several media reports.

Liberty Media has three tracking stocks:

Liberty Interactive



Liberty Capital

( LCAPA) and

Liberty Entertainment