China Cablecom Holdings, Ltd., a British Virgin Islands-registered joint venture provider of cable television services in PRC, reported a third round of reductions of its outstanding debt in the amount of approximately $422 K, which resulted from the conversion of approximately 1.2 mln of the Company’s Series A Preferred Shares into Ordinary Shares.
The BVI company will continually announce updates on its Preferred Shares conversions of its debt holders as a result of provisions from the closing of the restructuring in autumn 2009.
It is provided by the terms of the Junior Secured Notes that during 14 months following the closing of the restructuring, conversions of any Series A Preferred Shares issued to that noteholder will result in an automatic cancellation of debt. China Cablecom’s outstanding debt from the secured and unsecured promissory notes is approximately $21.8 million. Now, cumulatively $1.7M in principal debt is reduced.
Also, China Cablecom announced that on April 6, 2010, before the US markets opening, it will report the financial results for the fourth quarter and full year period ended December 31, 2009. Additionally, China Cablecom’s management team will host an earnings conference call on April 6.