EchoStar's Dish DBS Files Chapter 11 With 88% Noteholder Support; EchoStar Parent Untouched
- DISH DBS Corp. and certain subsidiaries, including DISH Wireless, filed for Chapter 11 in the Southern District of Texas on June 30 with a prepackaged plan backed by more than 88% of noteholders, per WSJ (https://www.wsj.com/pro/bankruptcy/satellite-tv-provider-dish-dbs-files-for-bankruptcy-following-at-t-deal-snag-c2b58620?mod=rss_markets_main).
- The filing is designed to repay the $2.0B of 7.75% notes due July 1 and to wind down/restructured the DISH Wireless business after spectrum-sale delays; EchoStar Corp., the parent, is not in the filing.
- Day-to-day Dish TV and Sling TV operations and employees are unaffected, according to the company; the AT&T spectrum transaction snag is cited as a proximate trigger.