EchoStar (SATS) Soars 13 Percent as Bankruptcy Fears Subside

EchoStar Corporation (NASDAQ:SATS) is one of the 10 Stocks Leave Wall Street Stunned.

EchoStar jumped by 13.16 percent on Friday to close at $28.81 apiece after announcing that it would now pay $500 million worth of interest payments after receiving support from President Donald Trump in relation to its ongoing battle with the Federal Communications Commission (FCC).

In a regulatory filing, EchoStar Corporation (NASDAQ:SATS) said it would now pay $500 million worth of interest payments originally due on June 2, 2025, staving off fears of a potential bankruptcy filing.

EchoStar (SATS) Soars 13 Percent as Bankruptcy Fears Subside

A telecom engineer behind the control board in a comms facility.

This followed its earlier decision to intentionally miss paying the said amount to its creditors, saying its ongoing battle with the FCC “froze its ability to make decisions.”

EchoStar Corporation (NASDAQ:SATS) received a letter from the FCC on May 9 notifying the former that it had begun a review of its compliance with certain federal obligations to provide 5G service in the US and raising concerns regarding its buildout extension and mobile-satellite service utilization in the 2GHz band.

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Disclosure: None. This article is originally published at Insider Monkey.