Creditors to EchoStar's Hughes Hire Lawyers to Probe Lease Deal [BNN Bloomberg (Canada)]
EchoStar Corporation - Common stock (SATS)
Last echostar corporation - common stock earnings: 2/20 06:00 am
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ir.echostar.com/investors
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Source: BNN Bloomberg
Hughes, which provides satellite internet service, recently disclosed it had entered into a seven year operating lease agreement with billionaire Charlie Ergen's EchoStar effective last December, according to regulatory filings. The arrangement calls for Hughes to pay its parent a monthly fee of $15.9 million for access to the EchoStar XXIV satellite to provide rural broadband connectivity. It made a $100 million prepayment in March, the filings show. Some debt holders are concerned the fees will pressure Hughes' earnings, said the people, who asked not to be identified discussing a private matter. The group is now exploring options that could include potential litigation, the people added. They're also examining recent asset transfers among other balance sheet maneuvers, they said. Representatives for Hughes, EchoStar and Glenn Agre didn't respond to requests seeking comment. Hughes' $748 million of 5.25% first lien notes maturing in 2026 last traded at around 76 cents on the
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News
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SATS
Earnings
- 5/8/24 - Miss
SATS
Sec Filings
- 6/28/24 - Form 4
- 6/28/24 - Form 4
- 6/28/24 - Form SC
- SATS's page on the SEC website