EchoStar CORP

EchoStar Corporation has filed its definitive proxy statement for the 2026 Annual Meeting of Shareholders, scheduled to be held virtually on October 30, 2026. The meeting agenda includes the election of eight directors, ratification of KPMG LLP as the independent auditor for the fiscal year ending December 31, 2026, and a non-binding advisory vote on executive compensation. Shareholders of record as of September 4, 2026, are eligible to vote. The company is utilizing a virtual meeting format to enhance shareholder participation.

EchoStar's subsidiary, Hughes Satellite Systems Corporation (HSSC), announced that confidential discussions with holders of its 5.25% Senior Secured Notes due 2026 and 6.625% Senior Notes due 2026 regarding potential debt transactions failed to achieve an agreement. As a result, HSSC is publicly disclosing "Cleansing Materials" containing financial projections and business plans from Q4 2025 through 2030. These materials project HSSC's revenue to grow from $1,433M in 2025 to $1,822M in 2030, with operating free cash flow increasing from $188M to $278M over the same period, driven by strong enterprise segment growth.

EchoStar's subsidiary, Hughes Satellite Systems Corporation (HSSC), along with 11 of its wholly-owned subsidiaries, filed voluntary petitions for Chapter 11 reorganization. The move aims to address maturing debt, strengthen its capital structure, and refocus operations on enterprise, government, and defense businesses. This action triggered an event of default for HSSC's 5.25% and 6.625% Senior Notes due 2026, leading to automatic acceleration of obligations. EchoStar Corporation and Hughes' international subsidiaries are not part of the bankruptcy proceedings. Additionally, Paul Gaske resigned, and Robert Del Genio was appointed Chief Restructuring Officer, with Ramesh Ramaswamy named EVP, General Manager, and two new independent directors appointed.

EchoStar Corporation completed the previously announced sale of its 3.45 GHz and 600 MHz spectrum licenses to AT&T Mobility II LLC, receiving $20.25 billion in proceeds. An additional $2.4 billion was deposited by AT&T into an FCC Trust to cover potential claims related to the sold licenses. Concurrently, DISH DBS Corporation repaid $2.0 billion of its 7.75% Senior Notes, and DISH Network Corporation redeemed approximately $3.686 billion of its 11 3/4% Senior Secured Notes, significantly reducing the company's debt.

EchoStar announced that Hamid Akhavan, Chief Executive Officer of EchoStar Capital and President and CEO of Hughes, resigned from all his positions with the company and Hughes, effective immediately. His departure followed discussions with the Board regarding a change in strategic direction. Charles W. Ergen will take over Akhavan's responsibilities as Principal Executive Officer of Hughes, and Akhavan will consult through December 31, 2026, for an orderly transition. Additionally, EchoStar Capital will be folded into Corporate Development, led by Thomas A. Cullen.

EchoStar Corporation announced that Dean Manson will step down as Chief Legal Officer and Secretary, effective June 26, 2026, after 26 years with the company. Mr. Manson will transition to a Senior Advisor role to ensure a seamless handover. Jeffrey Blum, the current Executive Vice President of Government Affairs, has been appointed as Acting Chief Legal Officer and Secretary while the company searches for a permanent replacement.

EchoStar Corporation announced it will change its Nasdaq stock ticker symbol from "SATS" to "ECHO", effective June 24, 2026. This change is intended to better represent the company's expanding lines of business and its growth from a pure-play satellite company to a global leader with diverse connectivity assets. Current shareholders are not required to take any action, as the ticker conversion will occur automatically, and the company's legal name, capital structure, and securityholder rights remain unaffected.

EchoStar's subsidiary, DISH DBS Corporation (DBS), made scheduled interest payments on its 5.25% secured notes due 2026, 5.75% secured notes due 2028, and 5.125% unsecured notes due 2029. These payments were made on June 18, 2026, within the applicable 30-day grace periods, thereby preventing an Event of Default. The company had initially deferred these payments pending the receipt of $20.25 billion from the AT&T Transactions, which have received regulatory approvals but are still subject to certain closing conditions.

EchoStar Corporation announced its decision not to make approximately $183 million in cash interest payments due on June 1, 2026, for its DISH DBS Corporation subsidiary's 2026, 2028, and 2029 notes. This non-payment is considered a default, though the company has a 30-day grace period. The company stated this action was taken to defer liquidity utilization while awaiting the net closing proceeds of $20.25 billion from the AT&T Transactions, which have received regulatory approvals but are still subject to certain closing conditions.

EchoStar Corporation announced the completion of its Spectrum Transfer Closing on May 22, 2026, as part of an Amended and Restated License Purchase Agreement. Certain subsidiaries of EchoStar transferred rights and licenses for 50 MHz of spectrum and up to 15 MHz of AWS spectrum to Spectrum Business Trust 2025-1. The Purchaser, Space Exploration Technologies Corp., also reimbursed EchoStar for prior cash interest payments on Seller Notes. The final Spectrum Acquisition Closing, where the Trust transfers assets to the Purchaser and payment is made, is targeted for November 30, 2027.