Sirius XM: Loss of XM-7 satellite won’t hurt business; work on replacement & next-gen sats starts this year

by Peter B. de Selding

PARIS — Satellite radio broadcaster Sirius XM Holdings Inc. said it had received $140 million of the $225 million in expected proceeds from the total loss of its SXM-7 satellite, launched in December, but that its twin SXM-8, launched in June, was performing well and would enter commercial service by September.

The company said it could not estimate when the remaining $85 million in insurance proceeds would arrive, but that it would nonetheless start capital spending on an SXM-7 replacement, called SXM-9, this year.

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