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Dish Creditors Said to Reject Revised Bond Exchange Offer
November 4, 2024
Dish Network’s creditors are said to plan rejecting the company’s revised bond-exchange offer, approval of which is needed for its proposed acquisition by rival DirecTV to happen. A group of steering committee investors don’t view the latest offer as workable. The latest offer by Dish will lower the minimum losses on its bonds by $70mn to $1.5bn, as per sources. Bondholders on the other hand, have proposed a $300mn haircut and suggested there’s some flexibility beyond that, the sources added. The acceptance deadline is November 12, and as of October 28, a small minority of notes had been tendered in support of the exchange offer. This comes after the announcement that TPG Inc. would buy the rest of DirecTV it didn’t own, and then acquire Dish Network for $1 plus assuming its debt. It was reported that letters exchanged between representation for bondholders and lawyers for DirecTV have demonstrated a stalemate.
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