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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR)
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To: i-node who wrote (327)11/18/2002 5:38:46 PM
From: verdad  Read Replies (1) of 3386
 
XM Seeks Millions In New Funding, GM Payment Deferment

Specifically, company President/CEO Hugh Panero says he hopes raise between $200 million and $250 million in financial support that will help carry the company until it reaches positive cash flow. Additionally, Panero said during yesterday's Q3 conference call that XM is in talks with equipment manufacturer and investor General Motors to defer upward of $200 million in payments — about half of which are due in 2003 and 2004 — in exchange for debt and convertible securities. XM also hopes to make some provisions with XM to make some payments in either stock or cash. "Frankly, funding concerns continue to overhang this company," Panero said. While he failed to meet his personal objective of having a funding announcement ready by this morning's call, Panero said his company is making progress. "We know that you as investors are anxious to see a successful conclusion to this effort," he said.
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