EchoStar's Dish Bondholders Given Debt-Exchange Deadline for Dish TV Sale to DirecTV

MT Newswires Live11-13 20:57

EchoStar's (SATS) Dish TV bondholders have been given a deadline to agree to a debt exchange for the sale of Dish TV to TPG (TPG)-owned DirecTV, multiple media outlets reported late Tuesday.

DirecTV said it will abandon its planned takeover of the video business if Dish bondholders don't agree to a debt exchange by Nov. 22, multiple media outlets reported, citing an emailed statement from DirecTV.

Earlier Monday, a group of Dish bondholders rejected the proposed debt-exchange offer from Direct TV, which was contingent upon their accepting a $1.5 billion 'haircut' - a reduction in outstanding interest payments or a portion of a bond payable that will not be repaid, the media outlets reported.

"A successful exchange was a condition for acquiring the Dish video business," a DirecTV spokesperson was quoted by Reuters as saying.

EchoStar, DirecTV, and Dish TV did not immediately respond to MTNewswires' requests for comment.

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