Sirius announced Wednesday that the Federal Communications Commission (FCC) has approved the company’s application to transfer control of its operating licenses in connection with its recapitalization.
In its order approving the application, the FCC indicated that “the proposed restructuring will benefit the public interest,” and that approval of the application will allow Sirius “to access financial resources necessary to maintain and expand its service to the public.”
Sirius filed the transfer application because of the significant amount of common stock expected to be issued to its debt holders and preferred stockholders in connection with the restructuring.
“We are very pleased to have received swift approval of our application from the FCC,” said Patrick Donnelly, Executive Vice President and General Counsel for Sirius. “This is an important step in the process of completing our recapitalization, which we continue to believe will be consummated this quarter.”
