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]