Novo balão de Oxigénio para a Cabo Visão
1 Mensagem
|Página 1 de 1
Novo balão de Oxigénio para a Cabo Visão
O que se tem passado na CSQ pode justificar os movimentos na PTM
Press Release Source: Cable Satisfaction International Inc.
Csii Update
Monday December 30, 6:00 pm ET
Stock Symbol: CSQ.A
LONGUEUIL, Canada, Dec. 30 /CNW Telbec/ - Cable Satisfaction International Inc. ("Csii" or "the Company"), reported today on the progress of negotiations with its financiers towards accessing additional funding for the Company's subsidiary Cabovisao - Televisao por Cabo, S.A. ("Cabovisao").
The banks have granted waivers until January 31, 2003 with respect to Cabovisao's non-compliance with certain covenants of its euro 100 million secured term loan (commonly referred to as the bridge loan), as well as an extension of the maturity date of this loan from December 31, 2002 until January 31, 2003.
Cabovisao's credit facility consisted of the bridge loan from six banks and secured revolving advances from a syndicate of 14 banks. Under the terms of this credit facility, the bridge loan could be converted on the maturity date into secured revolving advances of up to euro 260 million, subject to certain financial covenants and conditions. In view of uncertainties with regards to accessing this facility and in order to facilitate negotiations with its financiers to secure long-term funding for Cabovisao, the Company has cancelled the senior revolving advances.
Cabovisao has liquidity to maintain operations beyond December 31, 2002 and negotiations are continuing with the Company's financiers towards a long- term solution to Cabovisao's financial requirements. Nevertheless, uncertainties remain with regard to access to additional funding and, consequently, to Cabovisao's ability to continue as a going concern.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning the Company's future operations, economic performance, financial condition and financing plans, including such things as business strategy and measures to implement strategy, competitive strengths, goals, expansion and growth of the telecommunications industry and the Company's business and operations and references to future success. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company and its subsidiaries or their business or operations.
ABOUT Csii
Csii builds and operates large bandwidth (750 Mhz) hybrid fibre coaxial (HFC) networks and, through its subsidiary Cabovisao - Televisao por Cabo, S.A. provides cable television services, high-speed Internet access, telephony and high-speed data transmission services to homes and businesses in Portugal through a single network connection.
The subordinate voting shares of Csii are listed on the Toronto Stock
Exchange (TSX) under the trading symbol "CSQ.A".
For further information
J.-F. Bureau, Senior Vice-President and Chief Financial Officer, (450) 468-448, Fax, (450) 468-5957, www.csii.ca, jfbureau@csii.ca
Press Release Source: Cable Satisfaction International Inc.
Csii Update
Monday December 30, 6:00 pm ET
Stock Symbol: CSQ.A
LONGUEUIL, Canada, Dec. 30 /CNW Telbec/ - Cable Satisfaction International Inc. ("Csii" or "the Company"), reported today on the progress of negotiations with its financiers towards accessing additional funding for the Company's subsidiary Cabovisao - Televisao por Cabo, S.A. ("Cabovisao").
The banks have granted waivers until January 31, 2003 with respect to Cabovisao's non-compliance with certain covenants of its euro 100 million secured term loan (commonly referred to as the bridge loan), as well as an extension of the maturity date of this loan from December 31, 2002 until January 31, 2003.
Cabovisao's credit facility consisted of the bridge loan from six banks and secured revolving advances from a syndicate of 14 banks. Under the terms of this credit facility, the bridge loan could be converted on the maturity date into secured revolving advances of up to euro 260 million, subject to certain financial covenants and conditions. In view of uncertainties with regards to accessing this facility and in order to facilitate negotiations with its financiers to secure long-term funding for Cabovisao, the Company has cancelled the senior revolving advances.
Cabovisao has liquidity to maintain operations beyond December 31, 2002 and negotiations are continuing with the Company's financiers towards a long- term solution to Cabovisao's financial requirements. Nevertheless, uncertainties remain with regard to access to additional funding and, consequently, to Cabovisao's ability to continue as a going concern.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning the Company's future operations, economic performance, financial condition and financing plans, including such things as business strategy and measures to implement strategy, competitive strengths, goals, expansion and growth of the telecommunications industry and the Company's business and operations and references to future success. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company and its subsidiaries or their business or operations.
ABOUT Csii
Csii builds and operates large bandwidth (750 Mhz) hybrid fibre coaxial (HFC) networks and, through its subsidiary Cabovisao - Televisao por Cabo, S.A. provides cable television services, high-speed Internet access, telephony and high-speed data transmission services to homes and businesses in Portugal through a single network connection.
The subordinate voting shares of Csii are listed on the Toronto Stock
Exchange (TSX) under the trading symbol "CSQ.A".
For further information
J.-F. Bureau, Senior Vice-President and Chief Financial Officer, (450) 468-448, Fax, (450) 468-5957, www.csii.ca, jfbureau@csii.ca
-
- Mensagens: 249
- Registado: 25/11/2002 18:56
1 Mensagem
|Página 1 de 1
Quem está ligado: