"We are in continuous discussions with our financial sponsors and all of our key debt holders," said John Scelfo, Executive Vice President and CFO of Sirius. "While an agreement has not yet been reached, all of the parties are working toward the announcement of a transaction that will put our finances in top shape."

Sirius also disclosed that it had approximately $300 million cash on hand, enough to fund activities into the second quarter of 2003, and was looking
for ways to extend those cash reserves further into the year through various
cost cutting measures.

About Sirius
From its three satellites orbiting directly over the U.S., Sirius broadcasts 100 channels of digital quality radio throughout the continental United States for a monthly subscription fee of $12.95. Sirius delivers 60 original channels of completely commercial-free music in virtually every genre, and 40 world-class sports, news and entertainment channels. DaimlerChrysler has announced plans to offer Sirius radios in 17 models of Chrysler, Dodge and Jeep vehicles beginning this fall. BMW has announced plans to offer Sirius radios as an accessory in its most popular models through BMW Centers across the country, including select BMW 3 Series, 5 Series and X5 vehicles. Nissan has announced plans to offer Sirius radios as an option this fall on six Infiniti and Nissan 2003 models, and future Audi and Volkswagen models will also offer Sirius. Sirius also has agreements to install AM/FM/SAT radios in Ford, Mercedes-Benz, Jaguar, Volvo and Mazda vehicles. Kenwood, Clarion, Audiovox, and Jensen satellite receivers, including models that can adapt any car stereo to receive Sirius, are available at retailers such as Circuit City, Best Buy, Sears, Good Guys, Tweeter, Ultimate Electronics and Crutchfield. Panasonic satellite radio products will be available in September 2002. So, you know, yeah we may declare bankrupcy and we need shitloads more cash to not collapse in a pile of very expensive rubble, but it's not like that's news or anything. Right?