Aug. 3 at 4:56 PM
$ASTS Hughes Satellite Systems Corporation filed for Chapter 11 bankruptcy protection on Sunday, citing mounting competition from low-earth-orbit satellite providers and an inability to repay
$1.5 billion in bonds that matured August 1.
Chief Restructuring Officer Robert del Genio said in a court filing that competition from operators such as SpaceX and Amazon
$AMZN +4.83% Leo — which offer rural broadband with lower latency and higher speeds — has structurally undermined Hughes's core business. "LEO satellite competition is structural, not cyclical, and the company's competitors continue to expand coverage and reduce costs," del Genio said, according to Bloomberg. The company does not expect the subscriber decline to reverse, he added.
https://qz.com/echostar-hughes-satellite-bankruptcy-chapter-11-080326