DISH Network Initial Impressions on the RSA

DISH Network: Initial Impressions on the RSA

Anthony P. Canale, J.D.: Global Head of Research - Covenant Review

24 March 2026

Download the Full Report to gain insights on:
  • How the Restructuring Support Agreement reshapes DISH DBS capital structure and near term refinancing outcomes.
  • What transaction milestones across execution effective and closing dates reveal about creditor protections.
  • Why DISH Network Initial Impressions on the RSA matter for assessing deleveraging and credit support enhancements.
  • How amended covenants and structural consolidation affect bondholder positioning and optionality.
  • Where potential scenarios including out of court execution or prepackaged filing could influence recovery paths.

The Bottom Line™:

  • On March 19, EchoStar filed an 8-K disclosing that EchoStar, DISH Network, DISH DBS Corporation, and certain of its subsidiaries entered into a Restructuring Support Agreement with an ad hoc group representing over 82% of holders of the outstanding DBS bonds.
  • The RSA transactions are expected to significantly deleverage the DISH DBS credit.
  • In this report, we provide our initial impressions on the transactions contemplated by the RSA, which are grouped into transactions that take place at the Execution Date, the Effective Date, and the AT&T Closing Date. We briefly summarize the various transactions that occur on each of these dates.
  • The RSA transactions also include covenant amendments to the various DISH DBS bonds that would be implicated by a potential future business combination with DirecTV.

Fill out the below form to view the full article:

Please note that we can only respond to valid business email addresses and the interview is already available to clients.

Recently Published

Research
Euro Strategy: Key Sector Risks for 2026

Euro Strategy: Key Sector Risks for 2026

June 23, 20261 min Read More
Stressed Corporates Dealflow
EMEA Special Situations: Stressed corporates make up ~40% of LFI Special Situations universe in May, but dealflow continues to fall – LFI data

EMEA Special Situations: Stressed corporates make up ~40% of LFI Special Situations universe in May, but dealflow continues to fall – LFI data

June 23, 20261 min Read More
MEA Construction Linked Companies
EMEA Special Situations: Construction-linked companies could face sub-optimal A&Es as macroeconomic headwinds bite

EMEA Special Situations: Construction-linked companies could face sub-optimal A&Es as macroeconomic headwinds bite

June 23, 20261 min Read More
Selecta
Selecta: Purposeful Opposition to the Motions to Dismiss

Selecta: Purposeful Opposition to the Motions to Dismiss

June 23, 20261 min Read More

Stay in the loop with the latest credit insights direct to your inbox

Subscribe Now