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.

Dish bondholders rejected DirecTV's revised offer on Monday which lowered the minimum loss on $8.9 billion of bonds