The deal could collapse unless bondholders are brought on board within the next week.
DirecTV has threatened to end its purchase of Dish Network after bondholders refused to accept a discount. DirecTV’s purchase of EchoStar’s subscription television business could collapse unless bondholders agree to accept a discount within the next week. But even if they don’t, EchoStar reassured investors it has raised enough capital to meet upcoming debt payments, allowing it to avoid a bankruptcy filing.to acquire the Dish Network.
“A successful exchange was a condition for acquiring the Dish video business,” DirecTV said in a statement Wednesday. “Given the outcome of the EchoStar exchange, DirecTV will have no choice but to terminate the acquisition of Dish by midnight Nov. 22.” “First of all, I want to say that, if the exchange does not close successfully, we’ll continue to operate our business. Our Dish business has been a business that is the primary business of this institution, and we continue to operate it as we have always had,” Hamid Akhavan, president and CEO of Echostar, told security analysts on an earnings call Tuesday.“We ended the third quarter with over $2.7 billion of cash and marketable securities, including our restricted cash.
Spending on the build-out of the company’s cutting-edge network is expected to run at only half of what it was last year. And while the
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