Moody's Says Dish/EchoStar Debt Swap a Type of Default

January 18, 2024 |Satellite

Dish Network and EchoStar are apparently attempting a form of default on Dish notes due in 2024, 2025 and 2026, Moody's said Wednesday. It said the debt exchanges announced last week and Tuesday for EchoStar notes due in 2028, 2029 and 2030, if successfully completed, would be classified as "distressed exchanges" -- a form of default involving the offer of a diminished financial obligation with the goal being avoidance of an eventual payment default. EchoStar didn't comment Wednesday.