• The Wall Street Journal, Friday, February 6, 2009 9:15 AM

EchoStar Corp. has quietly accumulated a substantial portion of Sirius XM Satellite Radio's maturing debt. This could be the first salvo in an attempt to take control of the embattled company. Charles Ergen, who controls a satellite-television empire that owns Dish Network, recently acquired part of a $300 million debt package that matures on Feb. 17.

Sirius recently converted part of the debt to equity, reducing the total debt outstanding to about $175 million.

EchoStar could be pursuing a plan to use the debt as a way to take control of the company either inside or outside of bankruptcy. In December, Sirius Chief Mel Karmazin said that while the tight credit market has made it difficult to get optimal terms, he is confident his company can refinance the debt.

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