EchoStar Ends TerreStar Restructuring Deal

Digital set-top box maker,EchoStar, has terminated its restructuring support agreement with bankrupt telecommunications company,TerreStar Networks,Reutersreports. EchoStar’s offer included a $75 million financing to TerreStar to help it operate while in bankruptcy.

EchoStar had also agreed to backstop a $100 million rights offering to help the company emerge from Chapter 11, which has been withdrawn. The debt-for-equity restructuring deal was terminated by mutual consent.

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