EchoStar Faces Examiner Bid Over $1.5 Billion in Hughes Dealings
MT Newswires Live
Yesterday
EchoStar Corp. (ECHO) allegedly engaged in $1.5 billion of "unusual transactions" with its bankrupt subsidiary, Hughes Satellite Systems Corp., the US Trustee said in urging a bankruptcy court to appoint an examiner to investigate the deals, Bloomberg News reported Tuesday.
The request follows a similar push by bondholders who allege EchoStar transferred more than $1.5 billion in assets from Hughes over the past two years through a series of self-dealing transactions, the report said.
US Bankruptcy Judge Alfredo Perez is scheduled to consider the examiner request Wednesday at a hearing in Houston, according to the report.
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