Charlie Ergen has asked creditors to EchoStar (SATS) and Dish Network for a reprieve on the company’s debt, just days before a 30-day grace period on unpaid interest payments is set to expire, Bloomberg’s Jill R. Shah and Reshmi Basu report. EchoStar stopped paying $326M of bond coupon payments last month due to an FCC investigation into its wireless and satellite spectrum rights, and has said the FCC’s threats have “effectively frozen our ability to make decisions” and forced it to conserve cash. The company has about $25B of long-term debt and $5B in cash on its balance sheet, according to the report, which adds that Ergen’s request has so far been met with resistance from creditors.
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