Shares Of Dish Network Owner EchoStar Plunge As Q2 Results Prompt New Talk Of Bankruptcy Risk
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deadline.comShares of troubled Dish Network parent EchoStar have fallen sharply Monday in the wake of a downbeat second-quarter earnings report, with chatter continuing about a potential bankruptcy filing.
The stock was off 10% at mid-day, trading at around $15. It had recovered in recent months after a particularly rough patch early in the year following the merger of EchoStar and Dish.
EchoStar on Friday reported disappointing quarterly results, with a loss of $1.15 per share more than double the consensus estimate of Wall Street analysts.
Revenue met expectations. In addition to the spotty financials, the company reminded investors that it is working to negotiate with creditors ahead of a $2 billion debt maturity in November.
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