Argentina's Cablevision APE approval upheld by appellate court

By Caroline Salls

Pittsburgh, April 4 - An Argentine appellate court upheld the approval of Cablevision SA's Acuerdo Preventivo Extrajudicial, according to a news release.

According to the release, all appeals were rejected.

As previously reported, the APE was originally approved in July 2005.

Cablevision SA's APE gave three options to existing debtholders to exchange that debt.

Options under the debt exchange include:

• Short-term bonds option: $150.08 million in seven-year discount bonds in exchange for $215.11 million of existing debt;

• Long-term bonds option: $235.12 million of 10-year notes in exchange for $235.12 million of existing debt;

• Stock option: 20% of the company's shares of class B common stock in exchange for $60 million of existing debt; or

• Cash option: $114.46 million in cash in exchange for $286.15 million of existing debt.

Cablevision is an Argentine cable television company.

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