Dish Network Corp. has encountered a setback as its bond-exchange offer, which is crucial for its proposed acquisition of DirecTV, has been rejected by creditors.

The steering committee representing Dish lenders has argued that the deal is one of the largest orchestrated at the expense of creditors. The lenders have emphasized the importance of unity among bondholders and reminded them of their obligations under a cooperation pact.

This rejection has raised concerns about the future of the acquisition and the financial stability of Dish Network, especially considering the critical deadline for the debt deal.