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Why EchoStar Plunged Today

TheMotleyFool

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Why EchoStar Plunged Today: https://g.foolcdn.com/editorial/images/820139/gettyimages-2101393152.jpg

Shares of (NASDAQ: SATS) plunged 12.1% on Friday, after the company failed to make an interest payment on one of its senior notes secured by its wireless spectrum.

The company is justifying missing the payment due to lingering uncertainty resulting from its current fight with the Federal Communications Commission over EchoStar's use -- or lack thereof -- of this key spectrum license.

Investors never like to see a missed interest payment, as it brings up the specter of potential bankruptcy, but the situation isn't quite as dire as that -- yet.

Source Fool.com