Sirius XM Creditors "Angry," Warn Mel Karmazin Against Chapter 11

03/19/2009 05:12 am ET | Updated May 25, 2011

As if being stuck between John Malone and Charlie Ergen wasn't enough, Mel Karmazin now has angry creditors on his tail.

The Sirius XM boss is trying to decide -- as soon as today -- whether he'll take the satellite radio giant into bankruptcy or risk selling a significant stake to Malone and Ergen. Either way, he could end up kicked to the curb.

The Wall Street Journal is reporting that Karmazin is in the crosshairs of a group of creditors which is threatening to dump him and his team if they put the company into Chapter 11 instead of hammering out a rescue deal.

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