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.

DISH and DIRECTV came together to improve the initial debt swap offer to these bondholders, but they still aren’t onboard. All’s not well with the merger between DISH and DIRECTV. The two companies are working toward a deal that would see them combine into the largest pay-TV company in the United States,