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EchoStar Stock Plunges After Dish Network Debt Holders Spurn Bond Deal Seen As Key To DirecTV Merger
EchoStar stock plunged on the news that bondholders of Dish Network rejected a proposed debt deal seen as key to sealing a merger with DirecTV.
EchoStar stock plunged 13% Tuesday on the news that bondholders of subsidiary Dish Network rejected a proposed debt deal seen as key to sealing a merger with satellite rival DirecTV. Late Monday, Bloomberg and the Wall Street Journal both reported that Dish bondholders owed some $10 billion spurned a proposed exchange deal despite the fact that the offer had been sweetened a bit. In a letter, they accused Dish co-founder and EchoStar chairman Charlie Ergen of “brazen conduct” and have already filed a legal complaint in an effort to not be left holding the bag.
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