EchoStar stock plunged 13% Tuesday on the news that bondholders of subsidiary Dish Network rejected a proposed debt deal seen as key to sealing a merger with satellite rival DirecTV. Shares fell to $22.

A group of EchoStar's Dish bondholders rejected a proposed debt-exchange offer from DirecTV that was contingent upon them accepting a "haircut" of $1.5 billion, a document viewed by Reuters on Monday showed.

Dish Network Corp. creditors have rejected the US satellite-television provider’s bond-exchange offer on the eve of a deadline for a debt deal that is key to the company’s proposed acquisition by rival DirecTV.

A group of creditors associated with Echostar's pay television service Dish Network have rejected a bond exchange offer from the company. This article, Dish creditors reject bond exchange, raising questions about DirecTV acquisition,