RESTON, Va.—In a move many industry observers expected, Motient Corp. distributed its remaining stake in XM Satellite Radio to its guarantors, satisfying its outstanding guaranteed loan balance for its senior secured debt. The guarantor group consists of Hughes Electronics, Singapore Telecommunications Ltd. and Baron Capital Partners.
“This is an important step in restructuring our balance sheet,” said Walter V. Purnell, Jr., president and chief executive officer of Motient. “I am encouraged by the pace with which the restructuring discussions are proceeding. We are pleased to have been a part of incubating XM Satellite Radio and wish our friends at XM every success as they bring the next generation of radio to America.”
