SpaceX (NASDAQ:SPCX) has reshaped the satellite and space industry, and its first earnings report since going public highlighted plans to expand that disruption. One early casualty may be Hughes, the satellite internet business owned by EchoStar Corporation (NASDAQ:ECHO), which filed for Chapter 11 bankruptcy ahead of SpaceX’s report.
EchoStar announced Monday that Hughes filed for voluntary reorganization to strengthen its balance sheet and shift its strategy away from consumer growth toward B2B, government and defense customers.