EchoStar Corporation and its affiliates have entered into a sweeping debt restructuring agreement with a large coalition of bondholders, a move the company says will substantially reduce its debt load and open new doors for potential mergers and acquisitions. This comes as DISH has hovered close to bankruptcy for years. This deal will help avoid that as it completes its sale of spectrum to AT&T and SpaceX.
The companies — including EchoStar Corporation, DISH Network Corporation, DISH DBS Corporation, and certain DISH DBS subsidiaries — signed a Restructuring Support Agreement with an ad hoc group representing more than 82% of holders of debt securities issued by DISH DBS Corporation. The deal, disclosed in a Form 8-K filing with…