China Cablecom Holdings, Ltd., a BVI-registered consolidated cable network operator and acquirer in the Shandong province of China, announced that it has received a notice of default from one of the lenders to its subsidiary China Cablecom Limited. The notice was received as a result of the failure of BVI company’s subsidiary to make its scheduled April 9, 2009 principle and interest payment of approximately US$2.2 mln.
In his turn, the lender informed that the April 2009 principle and interest payment and all other obligations, along with related penalties, under the promissory note held by such lender were immediately due and payable.
All promissory notes issued in connection with the bridge financing that preceded China Cablecom’s merger with Jaguar Acquisition Corp, include similar principal and interest obligations making approximately US$11 mln – including the US$2.2 mln amount owed to the lender mentioned above. Currently, the BVI company is in the process of discussing and obtaining agreements from the other holders of such promissory notes while it negotiates with its joint venture partners in China regarding its financial obligations.