Creditors to US satellite television firm Dish Network plan to block a distressed exchange that’s a key part of its tie-up with rival DirecTV, according to people familiar with the matter.

The deal, which is subject to regulatory approval, would create one of the largest pay-TV distributors in the U.S. The companies were blocked in an attempt to merge in 2002.

DirecTV agreed to buy the Dish satellite TV and Sling TV business for a nominal fee of $1, in exchange for taking on $9.75 billion of Dish debt. But DirecTV's deal announcement on Monday said the merger needs approval from Dish debt holders, who would see their investments devalued.