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Image Entertainment amends $15.7 million 8.875% convertible due 2011
By Devika Patel
Knoxville, Tenn., Oct. 29 - Image Entertainment, Inc. amended the terms of a $15.7 million 8.875% senior convertible note due 2011 on Oct. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Under the amendment, the investor may now require a $4 million principal payment (plus interest) on Nov. 15 rather than Oct. 30. The $4 million principal payment may be deferred further until Nov. 30 if Image enters into a written change-of-control agreement prior to Nov. 15.
The Nov. 30 installment payment may be accelerated to any date after Nov.15, but before Nov. 30, if the written change-of-control agreement is canceled.
Image Entertainment is a Chatsworth, Calif., licensee and distributor of entertainment programming.
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