Dish Network Corp.‘s creditors have rejected the company’s bond exchange offer just ahead of a key deadline, threatening the proposed merger with DirecTV.

What Happened: The steering committee of Dish lenders criticized the deal, calling it one of the largest “engineered at the expense of creditors” in a letter seen by Bloomberg.

“This group has roundly and resolutely rejected the latest proposed exchange offer,” the letter stated. Dish's efforts to merge with DirecTV aim to create the largest U.S. pay-TV provider, but concerns over bondholder rights and valuable assets, including spectrum licenses, remain unresolved. The fate of the deal rests with Dish’s chairman, Charlie Ergen.

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Image via DirecTV

This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote