Dish DBS files for Chapter 11 with prepackaged plan backed by 88% of bondholders
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Dish DBS filed Chapter 11 under a prepackaged plan backed by 88% of bondholders after mounting debt, litigation risk, and subscriber erosion, with liquidity stress exacerbated by an unexpected delay in a $20B spectrum sale to AT&T. EchoStar's leveraged balance sheet (about $25B debt) heightens headline credit risk and may pressure telecom and high-yield sentiment, while limiting near-term strategic flexibility.
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Dish DBS, the satellite TV business owned by EchoStar, filed for Chapter 11 protection on Tuesday in federal bankruptcy court in Houston. The company said the filing is part of a prepackaged restructuring plan supported by 88% of Dish bondholders. Dish has faced mounting debt and litigation, while a delayed $20 billion spectrum sale to AT&T added to liquidity pressure. EchoStar, which merged with Dish in 2024, has also been working to manage $25 billion in debt as Dish’s subscriber base has shrunk to 5 million satellite users plus 2 million Sling TV users.
