EchoStar (NASDAQ: SATS) and DISH secure support to deleverage, prepay $1.6B and end litigation

Rhea-AI Filing Summary

EchoStar Corporation and related DISH entities entered into a Restructuring Support Agreement with an ad hoc group representing more than 82% of DISH DBS Corporation noteholders. The transactions under this agreement are expected to significantly deleverage the Company and include the prepayment, without penalty, of certain DDBS notes.

Separately, on March 16, 2026, DBS SubscriberCo prepaid without penalty its outstanding 11.25% term loan and 13.75% preferred membership interests totaling approximately $1.6 billion. The agreement also provides added protections for the DDBS notes, greater financial and strategic flexibility, and includes a mutual agreement to dismiss all pending litigation with prejudice.

Positive

• Significant deleveraging: The Restructuring Support Agreement with holders of over 82% of DDBS notes is expected to significantly reduce leverage and strengthen the Company’s capital structure.
• High-cost debt prepayment: DBS SubscriberCo prepaid, without penalty, approximately $1.6 billion of 11.25% term loan and 13.75% preferred membership interests, lowering interest burden and improving financial flexibility.
• Litigation resolved: The DDBS noteholders and the Company agreed that all pending litigation will be dismissed with prejudice, removing ongoing legal overhang.
• Increased strategic flexibility: The RSA adds protections for DDBS notes and provides greater financial flexibility and strategic optionality, including flexibility to pursue potential M&A transactions.

Negative

• None.

Insights

Credit and capital structure analyst

EchoStar and DISH move to cut leverage, prepay $1.6B and settle litigation.

The companies have secured a Restructuring Support Agreement with holders of more than 82% of DISH DBS Corporation notes. This alignment with a large majority of creditors reduces execution risk around the planned transactions and is framed as significantly deleveraging the Company.

A key step was DBS SubscriberCo’s prepayment, without penalty, of about $1.6 billion of high-cost obligations (an 11.25% term loan and 13.75% preferred membership interests). The RSA also provides added protections for noteholders and enhances financial flexibility, including room for potential M&A, while all pending litigation will be dismissed with prejudice.

8-K Event Classification

3 items: 1.01, 1.02, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What restructuring agreement did EchoStar (SATS) and DISH enter into?

EchoStar, DISH Network, DISH DBS and certain subsidiaries entered a Restructuring Support Agreement with an ad hoc group representing over 82% of DDBS noteholders, aiming to significantly deleverage the Company and add financial and strategic flexibility.

How much debt did DBS SubscriberCo prepay in the latest EchoStar (SATS) 8-K?

DBS SubscriberCo prepaid, without penalty, about $1.6 billion of obligations. This included its outstanding 11.25% term loan and 13.75% preferred membership interests, reducing high-cost financing under its Loan and Security Agreement.

How will the EchoStar (SATS) restructuring affect the company’s leverage?

The Restructuring Support Agreement is described as significantly deleveraging the Company. It includes prepayment of certain DISH DBS notes and high-cost DBS SubscriberCo financing, which should lower overall debt and interest expense relative to current levels.

What percentage of DDBS noteholders support EchoStar’s restructuring plan?

An ad hoc group representing more than 82% of holders of DISH DBS Corporation debt securities supports the Restructuring Support Agreement. This high participation level indicates broad creditor alignment around the planned deleveraging transactions.

Did EchoStar (SATS) and DISH resolve any litigation in this restructuring?

Yes. The DDBS noteholders and the Company mutually agreed that all pending litigation would be dismissed with prejudice, eliminating ongoing legal disputes tied to these debt securities as part of the overall restructuring framework.

What additional flexibility does the EchoStar (SATS) restructuring provide?

The RSA adds protections for DDBS notes and enhances financial flexibility and strategic optionality for the Company. It specifically notes increased flexibility to engage in potential merger and acquisition transactions alongside the broader deleveraging actions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 03/19/2026 - 08:13 AM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 19, 2026 (March 16, 2026)

ECHOSTAR CORPORATION

(Exact name of registrant as specified in its charter)

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001-33807
(Commission File Number)

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Nevada	​	26-1232727
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
9601 South Meridian Boulevard	​	​
Englewood, Colorado	​	80112
(Address of principal executive offices)	​	(Zip code)

(303) 723-1000
(Registrant’s telephone number, including area code)

​

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered
Class A common stock, $0.001 par value	​	SATS	​	The Nasdaq Stock Market L.L.C.

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DISH NETWORK CORPORATION

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(Exact name of registrant as specified in its charter)

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001-39144

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(Commission File Number)

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​	​	​
Nevada	​	88-0336997
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
9601 South Meridian Boulevard	​	​
Englewood, Colorado	​	80112
(Address of principal executive offices)	​	(Zip code)

(303) 723-1000
(Registrant’s telephone number, including area code)

​

Securities registered pursuant to Section 12(b) of the Act: None

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HUGHES SATELLITE SYSTEMS CORPORATION

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(Exact name of registrant as specified in its charter)

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333-179121

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(Commission File Number)

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​	​	​
Colorado	​	45-0897865
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
9601 South Meridian Boulevard	​	​
Englewood, Colorado	​	80112
(Address of principal executive offices)	​	(Zip code)

(303) 723-1000

​

(Registrant’s telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act: None

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DISH DBS CORPORATION

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(Exact name of registrant as specified in its charter)

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333-31929

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(Commission File Number)

​

​	​	​
Colorado	​	84-1328967
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)
​	​	​
9601 South Meridian Boulevard	​	​
Englewood, Colorado	​	80112
(Address of principal executive offices)	​	(Zip code)

(303) 723-1000

​

(Registrant’s telephone number, including area code)

​

Securities registered pursuant to Section 12(b) of the Act: None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 1.01. Entry into a Material Definitive Agreement

On March 19, 2026, EchoStar Corporation, DISH Network Corporation, DISH DBS Corporation (“DDBS”) and certain of DDBS’s subsidiaries (DDBS and its subsidiaries, collectively, the “Company”) entered into a Restructuring Support Agreement (the “RSA” and the transactions contemplated thereby, the “Transactions”) with an ad hoc group (the “AHG”) representing more than 82% of holders of debt securities issued by DDBS (the “DDBS Notes”). The Transactions contemplated by the RSA will, among other things, significantly deleverage the Company.

Pursuant to the terms and subject to the conditions set forth in the RSA, the Company will prepay without penalty certain DDBS Notes.  In addition, the Company repaid in full, without penalty, the financing arrangements at DISH DBS Issuer L.L.C. (“DBS SubscriberCo”), as discussed in Item 1.02 below.

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The RSA adds certain protections for the DDBS Notes and adds financial flexibility and strategic optionality for the company, including increased flexibility to engage in potential M&A transactions. In addition, the DDBS noteholders and the Company mutually agreed that all pending litigation would be dismissed with prejudice.

​

The foregoing description of the RSA does not purport to be complete and is qualified in its entirety by reference to the RSA, which is filed herewith as Exhibit 10.1 and incorporated by reference herein.  

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Item 1.02. Termination of a Material Definitive Agreement

On March 16, 2026, DBS SubscriberCo prepaid without penalty its outstanding 11.25% term loan and 13.75% preferred membership interests totaling approximately $1.6 billion, in accordance with the Loan and Security Agreement.

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Item 9.01. Financial Statements and Exhibits.

Exhibit No.	Description
Exhibit 10.1	Restructuring Support Agreement.
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	​	​	​
​	ECHOSTAR CORPORATION DISH NETWORK CORPORATION HUGHES SATELLITE SYSTEMS CORPORATION DISH DBS CORPORATION
Date: March 19, 2026	By:	/s/ Dean A. Manson
		Dean A. Manson Chief Legal Officer and Secretary
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Filing Exhibits & Attachments

5 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1.7 MB

Other Documents

• EX-101 EX-101.SCH 4.1 KB
• EX-101 EX-101.DEF 14.2 KB
• EX-101 EX-101.LAB 20.0 KB
• EX-101 EX-101.PRE 14.8 KB