The day-by-day at Sirius XM Radio is hardly boring, though stakeholders should remember their Malox.  On Monday, heavily-indebted Sirius opened another huge loan offering to the tune of $350 million, a major gamble.  The senior secured notes are being offered to institutional investors, and the maturation happens in 2013.  The fresh financing, structured through unit XM Satellite Radio Inc., is designed to pay down a recent high-interest loan offered by Liberty Media Corp.

Liberty saved Sirius from bankruptcy, though this company is hardly out of the woods.  Instead, Sirius continues to struggle against massive debt, sagging subscriber interest, and the trappings of a massive global recession.  That includes a melting automobile industry, and a slowdown in the steady supply of dashboards critical to this business.  The situation requires some artistry towards reshaping debt, though serious questions hang over the fate of this beast.