Reports indicate Sirius satellite radio is preparing to file for chapter 11 bankruptcy as the company has hired bankruptcy advisors. Sirius currently holds more than $3 billion of debt and a bankruptcy could see heavyweight partners like Howard Stern off the air as the company would be unable to pay them. The company’s biggest customer base comes from automobile partnerships such as with Ford, which represents more than 20 million listeners and continues to decline thanks to poor car sales. Charles Ergen, founder of EchoStar and Dish Network, has previously offered to give Sirius XM enough capital to meet debt obligations, and also expressed interest in buying out the company. There is no word if a deal could be reached, but it is unlikely given Ergen’s previous offer was turned down.