DirecTV Plans to Cancel Dish Deal Unless Debt Swap Resolved (2)

DirecTV intends to terminate its planned acquisition of Dish Network Corp. in just over a week’s time if bondholders don’t agree to a debt exchange.

“A successful exchange was a condition for acquiring the Dish video business,” a DirecTV spokesperson said in an emailed statement. “Given the outcome of the EchoStar exchange, DirecTV will have no choice but to terminate the acquisition of Dish by midnight on Nov. 22.”

A group of Dish bondholders on Monday rejected an improved offer put forward by DirecTV at the end of October. The revised terms lowered the minimum loss on $8.9 billion of ...