China Cablecom Announces Receipt of Default Notice
April 27 2009 - 7:00AM
PR Newswire (US)
SHANGHAI, April 27 /PRNewswire-Asia-FirstCall/ -- China Cablecom
Holdings, Ltd. ("China Cablecom" or the "Company") (NASDAQ:CABL)
(NASDAQ:CABLW) (NASDAQ:CABLU), announced today that it has received
a notice of default from one of the lenders to its subsidiary China
Cablecom Limited (the "Borrower"), as a result of the Borrower's
failure to make its scheduled April 9, 2009 principle and interest
payment of approximately $2.2 million. Accordingly, the lender gave
notice that the April 2009 principle and interest payment and all
other obligations under the promissory note held by such lender
were immediately due and payable together with related penalties.
All promissory notes issued in connection with the bridge financing
that preceded China Cablecom's merger with Jaguar Acquisition
Corporation contain similar principal and interest obligations
aggregating to approximately $11.0 million (including the
approximate $2.2 million owed to the lender mentioned above). The
Company is currently in the process of discussing and obtaining
tolling agreements from the other holders of such promissory notes
while it negotiates with its joint venture partners in the PRC
regarding the Company's financial obligations in order to satisfy
the requirements of its creditors and act in the best interest of
the shareholders. About China Cablecom China Cablecom is a
joint-venture provider of cable television services in the People's
Republic of China, operating in partnership with a local
state-owned enterprise ("SOE") authorized by the PRC government to
control the distribution of cable TV services through the
deployment of analog and digital cable services. In June 2008,
China Cablecom consummated an agreement to acquire a 60 percent
economic interest in a cable network in Hubei province with paying
subscribers exceeding 800,000. The Company originally acquired
operating rights of the Binzhou Broadcasting network in Binzhou,
Shandong Province in September 2007 by entering into a series of
asset purchase and services agreements with a company organized by
SOEs, owned directly or indirectly by local branches of State
Administration of Radio, Film and Television in five different
municipalities to serve as a holding company of the relevant
businesses. China Cablecom now operates 28 cable networks with over
1.4 million paying subscribers. China Cablecom's strategy is to
replicate the acquisitions by operating partnership models in other
municipalities and provinces in the PRC and then introducing
operating efficiencies and increasing service offerings in the
networks in which it operates. Safe Harbor Statement The matters
discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to risks
and uncertainties, which could cause actual results to differ
materially. Any forward-looking statements are not guarantees of
future performance and actual results of operations, financial
condition and liquidity, and developments in the industry may
differ materially from those made in or suggested by the
forward-looking statements contained herein. These forward-looking
statements are subject to numerous risks, uncertainties and
assumptions. The forward-looking statements herein speak only as of
the date stated herein and might not occur in light of these risks,
uncertainties, and assumptions. The Company undertakes no
obligation and disclaims any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. You should carefully
consider these factors as well as the additional risk factors
outlined in the filings that the Company makes with the U.S.
Securities and Exchange Commission, including the Registration
Statement on Form S-1 filed on April 18, 2008. CONTACT: China
Cablecom Holdings, Ltd. Debra Chen Phone: 917.499.8129 Email:
DATASOURCE: China Cablecom Holdings, Ltd. CONTACT: China Cablecom
Holdings, Ltd., Debra Chen, +1-917-499-8129, Web Site:
http://www.chinacablecom.net/
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