Sirius Satellite Radio [Nasdaq: SIRI] said its stockholders have overwhelmingly approved the company’s proposed recapitalization. A majority of Sirius (New York City) stockholders voted to approve transactions to exchange $700 million in debt for common stock and $519 million in preferred stock for common stock and warrants, plus provide $200 million in additional cash through the sale of newly-issued common stock.

The cash infusion will come from affiliates of OppenheimerFunds ($150 million), Apollo Management, ($25 million) and The Blackstone Group ($25 million). Upon completion of the transaction, affiliates of Apollo and Blackstone will exchange all of their existing convertible preferred stock for newly-issued shares of common stock and warrants to purchase common stock.