What Happened
Satellite TV and Wireless Businesses Restructure Debt
EchoStar subsidiaries tied to its satellite TV and abandoned 5G network businesses have filed for Chapter 11 bankruptcy protection, advancing a prepackaged restructuring plan to repay debt early. The move follows delays in closing the spectrum sale to AT&T, which left the company unable to cover $2 billion of debt payments due July 1. According to EchoStar, creditors representing most DISH DBS notes and more than $8.8 billion of DISH Wireless debt have already agreed to support the plan. This development was first reported by SpaceNews.