(CNN)– DirecTV is backing out of a proposed deal with EchoStar to buy rival Dish Network. The deal hinged on Dish bondholders exchanging their debt for new debt in the merged company at a discounted rate. It would have cost them about $1.5 billion, but the creditors rejected that last week. Under the proposed deal DirecTV would have paid $1 in cash but assumed nearly $10 billion in debt. Categories: News Tags: DirecTV, Dish Network