Sirius XM is preparing to file for bankruptcy and it could happen within days, according to the New York Times. A bankruptcy would make Sirius XM one of the largest casualties of the economy. It would be the second-largest Chapter 11 filing so far this year.

The article speculates that the move might be designed to pressure Dish Network and EchoStar owner Charles Ergen into making an offer. According to the Wall Street Journal, he offered to purchase the satellite radio group last year, but was brushed off. Anyway, he apparently wants to try again.