Sirius XM Radio Inc. (NASDAQ:SIRI) created a new iPhone application to try to get new business last May.  Now Sirius is attempting to raise $350 million debt financing through 4 year senior secured notes according to an SEC filing.  Sirius needs money to pay off debt.  This past February Liberty Media Corporation invested $530 million to keep Sirius afloat instead of filing bankruptcy.

[via BusinessInsider]

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• May 28, 2009 -- Details About The Sirius-XM iPhone Application
• March 12, 2009 -- Sirius XM Plan To Launch An iPhone App
• February 17, 2009 -- Sirius Is Saved For Now: Liberty Media Invests $530 Million For 40% Ownership
• February 16, 2009 -- Sirius CEO Mel Karmazin May Be Kicked Out If Company Goes Bankrupt
• February 11, 2009 -- Sirius XM In The Midst Of Possible Bankruptcy