EchoStar Corp. has canceled its proposed purchase of Mexican satellite fleet operator Satmex following the refusal of Satmex debt-holders - some of them "hell-bent on destruction," in the words of an EchoStar official - to accept the transaction's terms, EchoStar announced March 16.rnThe question now for Satmex, and to a lesser extent EchoStar, is what to do next. Satmex has three satellites -one healthy in orbit, a second that is generating revenue but will run out of fuel in less than three years and a third that is in inclined orbit, generating marginal sales. The same bondholders that scuttled the EchoStar purchase, which came with the guarantee of a new satellite, have refused to support Satmex's previous attempts to purchase a spacecraft on its own.
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