These are uncertain times for a lot of companies, but for Sirius XM Radio of New York the seas look especially rough. Created July 28 by the controversial merger of Sirius Satellite Radio and XM Satellite Radio, the company faces serious challenges stemming from the sharp economic downturn that has all but brought consumer spending to a halt. For example, more than 50 percent of Sirius XM's new business comes from purchasers of new cars, and the auto industry is mired in the worst slump anyone can remember. Meanwhile, the company continues to face stiff competition from iPods and other personal entertainment devices.rnNov. 12 brought more troubling news about Sirius XM's health and long-term viability. In a filing with the U.S. Securities and Exchange Commission, the company said it lost nearly $5 million during the 2008 third quarter due largely to a write-off forced by a sagging stock price. The company also said it had some $1 billion in debt maturing in 2009 that it was seeking to refinance. An inability to do so, the company warned, could result in a default that could force it to cease operations. That sent Sirius XM shares tumbling further; they were trading at around 18 U.S. cents late Nov. 26.
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