We recently published 10 Stocks With Shocking Surges. EchoStar Corporation (NASDAQ:SATS) is one of the best-performing stocks on Wednesday.
EchoStar rallied to a new 52-week high on Wednesday as investors cheered its official settlement of long-overdue interest payments with its creditors, coupled with news that it continues to work with the Federal Communications Commission (FCC) to resolve ongoing issues.
In a regulatory filing on the same day, EchoStar Corporation (NASDAQ:SATS) said that its subsidiary, DISH DBS Corporation, officially settled interest payments and additional interest charges for two of its senior notes due 2026 and 2028, originally due on July 1.
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The payments allayed fears of the company going into bankruptcy after its announcement earlier this year that it intentionally did not make the interest payments amid uncertainties on its ongoing legal battle with the FCC.
“The company continues to work cooperatively with the FCC to facilitate its ongoing inquiries, including by providing responses and information at the FCC’s request. In parallel, the company continues to progress wide-ranging efforts to explore alternative or complementary pathways that could, if successfully implemented, resolve the FCC’s stated concerns in a manner acceptable to the Company,” EchoStar Corporation (NASDAQ:SATS) said.
“Although no such resolution has been achieved, and it is possible that no such resolution will ultimately be achieved, DDBS has determined, based on these developments, that it should in good faith cure the non-payment defaults under the indentures by making the interest payments,” it added.
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