BVI-domiciled China Cablecom Holdings Ltd., a consolidated cable network operator in China, on October 9 2009 announced the completion of its placement of US$33 million in aggregate principal amount of 12% Senior Secured Notes, which is due October 2015; then the company announced the immediate redemption of US$13.9 million of Senior Secured Notes, arranging for the cash repayment and reducing the aggregate principal amount of New Notes from US$33 million to US$19.1 million.
The BVI company will use net proceeds from the transaction to satisfy the remaining obligations to the Hubei SOE. The New Notes are not registered with the Securities and Exchange Commission and may not be offered or sold in the U.S.
On the same day, China Cablecom Holdings announced the closing of a comprehensive restructuring of its outstanding debt obligations, which strengthens the BVI company’s balance sheet by reducing the overall principal amount of its long-term debt obligations and eliminating cash interest obligations on the new debt securities issued in exchange for its outstanding notes. Under the restructuring, China Cablecom’s existing debt holders exchanged approximately US$47 million in current debt obligations for an aggregate total of $23.5 million in new secured and unsecured promissory notes, and 65,799,286 newly issued shares of Class A Preferred Stock, representing approximately 66.2% of the company’s ordinary shares outstanding after the closing of the restructuring and a concurrent offering of new senior secured notes.
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BVI-based Pansoft Company announces the three-year growth strategy
Saturday, February 7th, 2009BVI company Pansoft Company Limited, one of the leading enterprise resource planning software solutions and services providers for the oil and gas industry in China, has announced its three-year growth strategy, which was approved at its recent board meeting. It was stated by Mr Hugh Wang, Chairman of the board of the BVI company, that the company is experiencing continued growth despite the period of global financial crisis and recession in the world economy.
The recent previous board meeting of Pansoft Company was held on December 13, 2008. Then, a three-year budget and multi-year plan for business expansion of the BVI company were approved. Executing the growth strategy, Pansoft should quickly scale up in the coming years and emerge as the predominant software solutions and services provider in China’s management software market.
The BVI company is planning to expand through organic growth as well as mergers and acquisitions. Pansoft will focus on expanding its project scope and service offerings to the subsidiaries of its large clients. Additionally, leveraging its business model, the BVI company is planning to launch similar solutions and services outside of the energy industry. Also, in the current favorable price environment, Pansoft is actively seeking attractive acquisition targets, to enter another high growth industry through mergers and acquisitions.
As a part of new strategy, Pansoft went on public trading at NASDAQ on January 23. Company’s management has scheduled several conferences with investors and analysts in the U.S. from January 23 to January 30, 2009 to present its business strategies.