CNET Networks Receives Notice of Acceleration by the Trustee for Its 0.75% Convertible Senior Notes
October 26 2006 - 9:00AM
Business Wire
CNET Networks, Inc. (Nasdaq:CNET) announced today that they
received a Notice of Acceleration from the Trustee on behalf of the
Holders of their $125 million 0.75% Convertible Senior Notes. CNET
Networks received a Notice of Acceleration because of a failure to
file�its second quarter 2006 Form 10-Q with the Trustee within 60
days after its�receipt�of a�Notice of Default on August 25, 2006.
CNET Networks will pay the Notes due at their par amount together
with accrued and unpaid interest, and fees and expenses, to the
Trustee. The Company has sufficient liquidity to pay off the
Convertible Senior Notes. Cash and investment balances, including
net receivables, amounted to over $215 million as of September 30,
2006. In addition, CNET Networks has in place a $60.0 million,
1-year credit agreement with Bank of America. About CNET Networks
CNET Networks, Inc. (Nasdaq: CNET, www.cnetnetworks.com) is an
interactive media company that builds brands for people and the
things they are passionate about, such as gaming, music,
entertainment, technology, business, food, and parenting. The
Company�s leading brands include CNET, GameSpot, TV.com, MP3.com,
Webshots, CHOW, ZDNet and TechRepublic. Founded in 1993, CNET
Networks has a strong presence in the US, Asia and Europe. CNET
Networks, Inc. (Nasdaq:CNET) announced today that they received a
Notice of Acceleration from the Trustee on behalf of the Holders of
their $125 million 0.75% Convertible Senior Notes. CNET Networks
received a Notice of Acceleration because of a failure to file its
second quarter 2006 Form 10-Q with the Trustee within 60 days after
its receipt of a Notice of Default on August 25, 2006. CNET
Networks will pay the Notes due at their par amount together with
accrued and unpaid interest, and fees and expenses, to the Trustee.
The Company has sufficient liquidity to pay off the Convertible
Senior Notes. Cash and investment balances, including net
receivables, amounted to over $215 million as of September 30,
2006. In addition, CNET Networks has in place a $60.0 million,
1-year credit agreement with Bank of America. About CNET Networks
CNET Networks, Inc. (Nasdaq: CNET, www.cnetnetworks.com) is an
interactive media company that builds brands for people and the
things they are passionate about, such as gaming, music,
entertainment, technology, business, food, and parenting. The
Company's leading brands include CNET, GameSpot, TV.com, MP3.com,
Webshots, CHOW, ZDNet and TechRepublic. Founded in 1993, CNET
Networks has a strong presence in the US, Asia and Europe.
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