11 hours ago
Ergen Seeks Reprieve on EchoStar Debt as FCC Fight Comes to Head
Charlie Ergen has asked creditors to EchoStar Corp. and its pay-TV unit Dish Network Corp. for a reprieve on the company's debt, just days before a grace period on unpaid interest payments is set to expire, according to people with knowledge of the matter.
EchoStar elected to stop paying $326 million of bond coupon payments last month after the Federal Communications Commission launched an investigation into whether the company was meeting its obligations for its wireless and satellite spectrum rights. EchoStar has said the FCC's threats have 'effectively frozen our ability to make decisions' and was forcing it to conserve cash.
