AMERICAS DISTRESS DAILY: DirecTV Set to End Bid for Dish Deal

DirecTV has notified EchoStar of its intention to terminate its planned acquisition of Dish Network after bondholders failed to consent to a key debt exchange, all but killing a deal to create the largest US pay-TV service.

DirecTV had warned earlier this month it would terminate the deal by midnight Friday without an agreement on the debt. It gave EchoStar formal notice of the termination plan on Wednesday, according to EchoStar. Dish hadn’t initiated fresh discussions with bondholders to try and salvage the deal as of late Thursday evening, a person familiar with the matter said.

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