EchoStar stock plunged 13% Tuesday on the news that bondholders of subsidiary Dish Network rejected a proposed debt deal seen as key to sealing a merger with satellite rival DirecTV. Shares fell to $22.

DirecTV said it will abandon a plan to buy its satellite television rival after some bondholders refused to accept a steep discount on Dish parent EchoStar’s debt.

DirecTV says it will walk away from its merger agreement with Dish Network on November 22 if the company remains unable to reach a specific agreement with some of its creditors. This article, DirecTV says meger agreement with Dish Network could fall apart,