EchoStar (SATS) has chosen not to make around $183 million in interest payments due on June 1 on its DISH DBS debts, it said Monday.
The debt notes include its 5.25% secured notes due 2026, 5.75% secured notes due 2028, and 5.125% unsecured notes due 2029, the company said in a regulatory filing.
EchoStar chose to preserve its cash pending receipt of proceeds of $20.25 billion from a dea with AT&T (T), the company said.
"Such non-payment is a default and we have a 30-day grace period to make the interest payments before such non-payment constitutes an event of default," the company said.
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